Indian Finance Minister urged IMF to assist Sri Lanka: Report

Finance Minister Nirmala Sitharaman has urged the International Monetary Fund (IMF) to provide Sri Lanka with assistance, according to the government. Colombo, which is in the throes of an unprecedented economic crisis, and announcedthat it would default on foreign debt repayments, totalling $51 billion, is seeking a $4 billion bailout package for this year from the IMF, The Hindu reported. 

Ms Sitharaman, “indicated that [the] IMF should support and urgently provide financial assistance to Sri Lanka,” said a Finance Ministry readout of the meeting between the Minister and IMF Managing Director Krisalina Georgieva .

“The Managing Director assured the Finance Minister that the IMF would continue to actively engage with Sri Lanka,” the readout said. The Hindu has reached out to the IMF for a readout of the meeting.

During the meeting, the sides discussed India’s economic performance and prospects as well as issues of importance to India, the readout said. Ms. Sitharaman’s delegation included Chief Economic Adviser Anantha Nageswaran.

On Monday, the Minister held a bilateral meeting with her Sri Lankan counterpart Ali Sabry, to discuss the economic situation in Sri Lanka, the Finance Ministry said on Twitter. Ms. Sitharaman “assured Sri Lanka that as a close friend and good neighbour, India will try to extend all possible cooperation and assistance” to the country, the Ministry said. (The Hindu)