Sri Lanka looks to IMF for an immediate bail out
2 years, 8 months ago

Sri Lanka looks to IMF for an immediate bail out

Al Jazeera  

A Sri Lankan delegation is headed to Washington next week, looking to secure up to $4 billion from the International Monetary Fund and other lenders to help the island nation pay for food and fuel imports and limit debt defaults. “We need immediate emergency funding to get Sri Lanka back on track,” Sabry said in an interview with Bloomberg Television on Thursday, while pegging the funding need this year at between $3-$4 billion. “With all their expertise we are looking at putting up a decent case for us, which will preserve the Sri Lankan economy,” Sabry said, affirming confidence in the team he will be leading. Sri Lanka’s High Commissioner to India Milinda Moragoda met Finance Minister Nirmala Sitharaman in New Delhi to seek further help for securing food and fuel imports for the island nation, a statement from the high commission said. Citigroup Global Markets expects the IMF’s involvement to help negotiations with bond holders, as Sri Lanka looks to request them to take a haircut on payments owed to them.

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