Sri Lanka officially asked for emergency financial help from International Monetary Fund (IMF). Sri Lankan officials led by Ali Sabry, a finance Minister, were in Washington for IMF talks as the South Asian country faces its worst economic crisis in more than 70 years.
The International Monetary Fund has assured debt-ridden Sri Lanka of its support in its efforts to alleviate the current economic crisis, expressing initial discussions with a delegation led by the country’s Finance Minister Ali Sabry as “fruitful.”
Since its independence from Britain in 1948, Sri Lanka has faced unprecedented economic turmoil. India has approved extending an additional USD 500 million credit line to support Sri Lanka’s import fuel.
In recent weeks, Sri Lanka has seen a surge in anti-government protests as a result of the country’s severe economic crisis, which has resulted in food shortages, skyrocketing fuel prices, and widespread power outages.