Sri Lanka asks the International Monetary Fund for rapid financial assistance and the global lender could consider it after initial reluctance, an aide to the country's Finance Minister Ali Sabry says
Sri Lanka has recently imposed fuel rationing in another worsening of the economic crisis that has sparked widespread demonstrations calling for President Gotabaya Rajapaksa's resignation.
A delegation headed by Sri Lanka's Finance Minister Ali Sabry kicked off formal talks with the IMF in Washington on Monday for a programme the government hopes will help top up its reserves and attract bridge financing to pay for essential imports of fuel, food and medicines. Sri Lanka is seeking $3 billion in the coming months from multiple sources including the IMF, the World Bank and India to stave off the crisis, Sabry told Reuters earlier this month.Last week, the country's central bank said it was suspending repayment on some of its foreign debt pending a restructure.
Rajapaksa acknowledged on Monday that he made mistakes that led to the country's worst economic crisis in decades and pledged to correct them.