Finance Minister Sabry holds talks with IMF MD

Wednesday, 20 April 2022 00:25 - - {{hitsCtrl.values.hits}}

Discusses support to Sri Lanka via IMF’s Rapid Financing Instrument

IMF Managing Director Kristalina Georgieva

Finance Minister

Ali Sabry

Finance Minister Ali Sabry PC yesterday met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva in Washington DC.

He said that the IMF has commended the steps already taken by Sri Lanka to mitigate the financial situation in the country.

“The IMF has assured their fullest support to Sri Lanka and a positive response has also been received to expedite the process to strengthen the support extended towards Sri Lanka,” the Finance Ministry said in a statement yesterday.

Minister Sabry at yesterday's meeting made a request for a Rapid Financing Instrument (RFI) with the IMF and the latter subsequently confirming that India had also made representations on behalf of Sri Lanka for an RFI. It had been communicated that the IMF would consider the special request made despite it being outside of the standard circumstances for the issuance of an RFI, the Finance Ministry said.

Separately Finance Minister Sabry also met his Indian counterpart Nirmala Sitharaman and the top level Indian Economic delegation attending the IMF World Spring meetings in Washington DC.

During the meeting held at IMF Headquarters, Sitharaman has assured Minister Ali Sabry of India's fullest support to Sri Lanka to move forward and has emphasised on India’s commitment to strengthen the development of the economy in Sri Lanka and building stronger bonds between the two Nations as they move forward together.

The Indian Finance Minister has also affirmed to Minister Ali Sabry that India will fully support the deliberations of Sri Lanka with the IMF especially on the special request made for expediting an Extended Fund Facility (EFF).

Secretary to the Treasury Mahinda Siriwardana and Central Bank Governor Dr. Nandalal Weerasinghe also participated at these meetings.

The Sri Lankan delegation was also scheduled to hold a further round of talks yesterday.