Sri Lanka to seek IMF assistance upon Basil's return from India

COLOMBO (News 1st); A Senior Sri Lankan Government Official said Sri Lanka will make a documented request from the International Monetary Fund (IMF) soon, for assistance.

He said the necessary plans will be drafted following the return of Finance Minister Basil Rajapaksa and Finance Secretary S. R. Attygalle, from India.

India announced a USD 1 billion line of credit to Sri Lanka on Thursday (17) as part of its financial assistance to help the island nation deal with its economic crisis.

After an agreement to extend the line of credit was inked, Ministry of External Affairs (MEA) Spokesperson Arindam Bagchi said India has always stood with the people of Sri Lanka and will continue to extend all possible support to the country.

At a weekly media briefing, he said the assistance will be used for importing food, medicines, and other essential items.

The Senior Sri Lankan official said after the request is forwarded to the IMF, the Finance Minister will travel overseas in April for discussions.

Further, the Central Bank has been instructed to explore the possibility of delaying loan installments, that can be delayed.