Sri Lanka's acting president said Monday his administration was nearing the conclusion of the financial assistance talks with the International Monetary Fund
MOSCOW (Pakistan Point News / Sputnik - 18th July, 2022) Sri Lanka's acting president said Monday his administration was nearing the conclusion of the financial assistance talks with the International Monetary Fund.
Negotiations with foreign governments about additional assistance were also progressing, Ranil Wickremesinghe was cited as saying by the Daily Mirror.
The IMF sent a mission to the cash-strapped island nation last month to gauge the financial crisis that gripped the country in spring as well as Sri Lanka's preparedness to meet its demands for reforms.
The international lender expects Sri Lanka's economy to contract significantly this year on the back of rising inflation and shrinking foreign reserves, which have led to shortages of imported essentials.
IMF chief Kristalina Georgieva on Saturday called Sri Lanka's economic meltdown, the worst in the nation's history, a "warning sign" for countries with high debt levels.
