Sri Lanka to seek US$3b to stave off crisis, says finance minister | Malay Mail

COLOMBO, April 10 — Sri Lanka will need about US$3 billion in external assistance over the next six months to help restore supplies of essential items including fuel and medicine, Finance Minister Ali Sabry told Reuters on Saturday.

“The entire effort is not to go for a hard default,” Sabry said. “We understand the consequences of a hard default.” The IMF said on Saturday that it had started technical-level engagement with Sri Lanka’s finance ministry and central bank officials for a loan programme, and was “very concerned” about the ongoing crisis.

Sabry said he will lead a delegation of Sri Lankan officials to Washington to start talks with the IMF on April 18 and that financial and legal advisers would be selected within 21 days to help the government restructure its international debt. He said the government will raise taxes and fuel prices within six months and seek to reform loss-making state-owned enterprises.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Crisis-hit Sri Lanka’s finance minister says no alternative to debt restructuring | Malay MailCOLOMBO, April 8 — Sri Lanka’s finance minister today said that the crisis-hit country must urgently restructure its debt and seek external help, while the main opposition threatened a no-confidence motion and business leaders warned that exports could plummet. The heavily indebted country has...
Source: malaymail - 🏆 1. / 86 Read more »