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19 Apr 2022
IMF to consider Request for Quick Financial Aid to Debt-burdened Sri Lanka
The Index Today
Sri Lanka's finance ministry said on Tuesday that the IMF (International Monetary Fund) will consider providing rapid financial assistance to debt-burdened Sri Lanka following representations by India.
According to the news a delegation headed by Sri Lanka's Finance Minister Ali Sabry started formal talks with the IMF in Washington on Monday for a programme the government hopes will assist to top up its reserves and attract bridge financing to pay for essential imports of fuel, food and medicines.
Shamir Zavahir, an aide to Sabry, said on Twitter that Sri Lanka asked for a loan under the rapid financial instrument (RFI) window, meant for countries needing urgent balance-of-payment support. But the global lender was initially not inclined to grant the request, he said.
"The IMF has subsequently informed Minister Sabry that India had also made representations on behalf of Sri Lanka for an RFI," Sri Lanka's finance ministry said in a statement.
"It had been communicated that IMF will consider the special request made despite it being outside of the standard circumstances for the issuance of an RFI."