IMF team to visit Colombo tomorrow

Colombo: The IMF has reaffirmed its commitment to help crisis-hit Sri Lanka as a team from the global lender is set to visit Colombo from Monday to continue discussions on a possible bailout programme to support the island nation’s economic recovery.

The economic crisis in Sri Lanka has prompted an acute shortage of essential items like food, medicine, cooking gas and fuel across the island nation. “The International Monetary Fund (IMF) team is visiting Colombo during June 20-30 to continue discussions on an economic programme that could be supported by an IMF lending arrangement, building on the progress made during the May 9-24 virtual mission,” the international lender has said in an email while responding to local press inquiries.

“We reaffirm our commitment to support Sri Lanka at this difficult time, in line with the IMF’s policies,” it said as the island nation is facing its worst economic crisis since independence from Britain in 1948. Sri Lanka seeks an IMF support facility worth USD 4 to 5 billion. The government has said it needs USD 5 billion this year in support from the international community, including the IMF. Sri Lanka defaulted on its foreign debt for the first time in its history last month. —PTI