SL in talks with foreign lenders amidst brewing economic crisis

COLOMBO (News1st) : Sri Lanka is in talks with several global lenders to support the country's financial crisis, treasury secretary S.R. Attygalle said, in the backdrop of a brewing economic crisis. Attygalle, told News1st, that the final review of the IMF's extended fund facility, for a loan worth 1.5 billion dollars, will not take place until the government presents a new budget. The loan is distributed through seven tranches over a period of four years since 2014 Meanwhile, Sri Lanka's request made to the IMF, on its Rapid Credit Facility, is still under review, the treasury secretary noted. "We aim to strengthen our foreign currency reserves with the funds received from this facility," Attygalle said. Sri Lanka is also in the midst of talks with the country's top lender, the World Bank which recently approved a 128 million dollar health package . "The finance ministry is holding discussions with the World Bank, to accelerate the disbursement of funds for COVID-19 related activities," he added. Discussions are also underway with the Asian Development Bank for a 300 million US dollar budget support program.