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imf: IMF will support Sri Lanka’s efforts to overcome current crisis, held fruitful talks: Official

NEW DELHI: The International Monetary Fund (IMF) will support Sri Lanka’s efforts to overcome the current economic crisis by working closely with the authorities on their economic programme, and by engaging with all other stakeholders for a timely resolution of the crisis, a top official has said.
During the 2022 IMF and World Bank Spring Meetings in Washington, D.C., IMF managing director Kristalina Georgieva and other senior members of IMF management met with a Sri Lankan delegation, led by Finance Minister Ali Sabry and Central Bank of Sri Lanka governor Nandalal Weerasinghe, and discussed policy actions to address economic challenges.
The IMF team for Sri Lanka held initial technical discussions on an IMF-supported programme with the delegation. Masahiro Nozaki, mission chief for Sri Lanka, said, “During April 18–22, the Sri Lankan delegation and the IMF team had fruitful technical discussions on the authorities’ request for an IMF-supported programme. The discussions covered recent economic and financial developments in Sri Lanka, the need for implementing a credible and coherent strategy to restore macroeconomic stability, and the importance of stronger social safety nets to mitigate the adverse impact of the current economic crisis on the poor and vulnerable,” Nozaki said in a statement.
He said the IMF team welcomed the authorities’ plan to engage in collaborative dialogue with their creditors.
Sabry is leading a team that is negotiating a bailout package from the IMF. Sri Lanka has suspended repayment of debt, including bonds and government-to-government borrowings, pending the package. The island nation had to repay loans worth $7 billion this year. The severe economic crisis has triggered social unrest in the country and authorities have urged countries for help.
India has pitched for an urgent financial assistance from the IMF for Sri Lanka, which has sought $4 billion in multilateral assistance to help overcome the severe economic stress.

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