The International Monetary Fund said on Saturday that its staff conducted “fruitful technical conversations” with Sri Lankan officials this week over the island nation’s request for an IMF-backed loan package.

According to the Fund, the discussions focused on the need for Sri Lanka to develop a “credible and cohesive plan” to restore macroeconomic stability, enhance its social safety net, and protect the poor and vulnerable throughout the present crisis.

“The IMF team welcomed the authorities’ plan to engage in a collaborative dialogue with their creditors,” IMF Sri Lanka mission Chief Masahiro Nozaki said in a statement.

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