The Sri Lankan finance minister Ali Sabry and the managing director of the International Monetary Fund Kristalina Georgieva thanked India for extending financial assistance to Colombo as the island-nation faces an unprecedented economic crisis.
https://twitter.com/PIB_India/status/1516277747693551617?s=20&t=czqrjfIrJ6X_HP-ECHxtJw
Sitharaman assured her Sri Lankan counterpart that India will “try to extend all possible cooperation” to its neighbour where the government is facing widespread protests as citizens fail to gather basic necessities like food and medicine.
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“Union Finance Minister Nirmala Sitharaman met Sri Lanka Finance Minister Ali Sabry on the sidelines of IMF-WB Spring Meetings, at Washington DC, today, and discussed the current economic situation and its approach towards addressing the prevailing challenges in Sri Lanka,” the finance ministry said.
“The Union Finance Minister assured Sri Lanka that as a close friend and good neighbour, India will try to extend all possible cooperation and assistance to Sri Lanka,” it said in a series of tweets.
Sitharaman was also thanked by Kristalina Georgieva who appreciated India’s help to Sri Lanka in tackling its economic crises. Georgieva said that the IMF officials are in constant touch with Sri Lanka to find ways to mitigate the economic crisis.
Shamir Zavahir, Sri Lankan lawyer, said that the Sri Lankan delegation’s talks with the IMF began on a positive note. “(The IMF) sees the recent steps taken to increase the interest rates and calling for RfP’s for the appointment of international financial and legal advisors as good first steps towards a possible restructuring programme,” he said via a tweet.
Zavahir also pointed out that Sabry requested the IMF for a Rapid Financing Instrument (RFI) to mitigate the current supply chain issues. He said that India also made representations on an RFI for Sri Lanka and added that the IMF may consider this request due to the ‘unique circumstances’. “In any event,the IMF appears to be positive towards granting an Extended Fund Facility (EFF),” he said in a series of tweets.
Sitharaman also met Indonesia finance minister Sri Mulyani Indrawati on the sidelines of G20 Finance Ministers and Central Bank Governors (FMCBG) meeting. The finance minister is accompanied by the chief economic advisor VAnantha Nageswaran.
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