Sri Lanka delegate to IMF for key talks

COLOMBO: The Sri Lankan government sent a delegation to the International Monetary Fund (IMF) on Sunday to discuss ways to obtain loans from the lender.

Finance Minister Ali Sabry and Central Bank Governor Nandalal Weerasinghe are part of the delegation. Next week, the delegation will travel to Washington, DC, to meet with IMF officials.

They anticipate getting roughly $4 billion in five tranches if the talks with the IMF are fruitful.

The economy of Sri Lanka has been in a downward spiral, and the country has little more than $2 billion in foreign exchange reserves.

As of Tuesday, Sri Lanka’s Finance Ministry said that the government had chosen to stop normal debt servicing for a short period until an orderly and consensual restructuring scheme sponsored by the IMF is put in place.

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