Talks between debt ridden-Sri Lanka, IMF to to conclude on May 24

The ongoing discussion between International Monetary Fund (IMF) and Sri Lanka, to help mitigate the economic situation will conclude on May 24, local media reported on Saturday.

Speaking at a virtual IMF briefing on Thursday, IMF Spokesman Gerry Rice said the technical discussions between Sri Lanka and the IMF on a potential loan programme will come to a close on May 24.

He said that the agency is closely monitoring the events that are unfolding in the crisis-hit island nation.

The IMF spokesperson stressed that the IMF remains committed to helping Sri Lanka and that it would help resolve the current economic crisis.

“We are concerned…especially, the hardships being endured by the people of Sri Lanka and especially many of those people poor and vulnerable. So, we are clearly monitoring the political and economic developments very closely,” Rice was quoted as saying by the Daily Mirror newspaper.

.e further said an IMF team has been engaged in technical discussions on the authorities’ request for an IMF-supported programme

Sri Lanka is facing its worst economic crisis since independence with food and fuel shortages, soaring prices, and power cuts affecting a large number of the citizens, resulting in massive protests which culminated in the resignation of former Prime Minister Mahinda Rajapaksa.

Earlier this week, Prime Minister Ranil Wickremesinghe said Sri Lanka is one of the few nations which is expected to go without food due to the global food shortage expected this year.

“Food and Agriculture Organization (FAO) has named a few nations including Sri Lanka and Afghanistan which are expected to go without food,” the newly appointed PM told the Sri Lankan Parliament.

“Sri Lanka will have to prepare for the food shortage and cultivate food crops in abandoned land, even in Colombo City. There are many lands belonging to the Railways Department which are neglected and can be used to grow food. I will talk to the World Bank to get some assistance,” he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor