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On Saturday, International Monetary Fund and Sri Lankan authorities had technical talks on various matters regarding Sri Lanka’s situation and loan. The IMF staff quoted the meeting to be “Fruitful” as Sri Lanka demands support.
The meeting included a discussion on “a credible and coherent strategy” for restoring the stability of macroeconomics and maintaining social safety for the vulnerable section during the crisis. The talk included the finance minister of Sri Lanka Ali Sabry and the central bank of Sri Lanka Governor Nandalal Weerasinghe.
The top development discussions were:
- Sri Lanka president Gotabaya Rajapaksa on Saturday said that the country is going through a crisis and needs support in various aspects to rejuvenate the country’s economy. They are open to any kind of financial, investment, technology transfer, border development, and cooperation for debt to grow the economy of the country.
- The prime minister of Sri Lanka Mahinda Rajapaksa confirmed that we will not resign from the interim government.
- India extends support by giving an additional USD 500 million credit for purchasing fuel.
- India and the World Bank would provide an extra $2 billion in aid to bridge the financial gap for the import and export of goods and Sri Lanka is also reaching out to China and Japan for help.
- World Bank is extending help from $300 million to $600 million over the next four months for securing health equipment and necessities and other essential items.
- China also agreed to provide support to Sri Lanka during the situation of crisis.
Now the country’s foreign debt increases to USD $51 billion.
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