Sri Lanka requests emergency financial help from IMF

Sri Lanka has requested emergency financial help from the International Monetary Fund (IMF) as bailout talks got underway day before yesterday. The global financial organization will consider providing assistance after representations by neighbouring India.

         

Meanwhile, a leading rating agency warned that Sri Lanka will see a series of defaults on its foreign debts after officials said, it would halt payments. Sri Lankan officials, led by Finance Minister Ali Sabry, are in Washington this week for talks with the IMF as the South Asian



nation faces its worst economic crisis in more than 70 years.  

At a meeting, the IMF commended the steps already taken by Mr Sabry to mitigate the financial situation in Sri Lanka, the country's Finance Ministry said in a statement.

       

The Finance Minister has made a request for a Rapid Financing Instrument (RFI) with the IMF. IMF has subsequently informed Minister Sabry that India had also made representations on behalf of Sri Lanka for an RFI, it added.