Reuters – Sri Lanka has requested the International Monetary Fund (IMF) for rapid financial assistance and the global lender could consider it after initial reluctance, an aide to thecountry’s finance minister said on Tuesday.
Protests have erupted in the island nation as it battles a devastating financial crisis brought by the effects of COVID-19, mismanaged government finances and rising prices of fuel that have sapped foreign reserves. read more
“The (Finance minister) made a request for a Rapid Financing Instrument (RFI) to mitigate the current supply chain issues, yet initially IMF of the view that it doesn’t meet their criteria,” Sabry’s aide Shamir Zavahir said on Twitter.
Sri Lanka is seeking $3 billion in the coming months from multiple sources including the IMF, the World Bank and India to stave off the crisis, Sabry told Reuters earlier this month. read more
Last week, the country’s central bank said it was suspending repayment on some of its foreign debt pending a restructure.
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