IMF to begin next round of technical discussions tomorrow!

Amid the worsening economic situation, the International Monetary Fund's (IMF's) mission chief to Sri Lanka stated that the world financial body is expected to begin the next round of technical discussions with the island nation from May 9 to May 23. 

In a statement issued on Friday, Nozaki stressed that the IMF is committed to aiding Sri Lanka in accordance with its policies. 

"Because Sri Lanka's debt is assessed as unsustainable, approval of IMF financing, including through a Rapid Financing Instrument, would require adequate assurances that debt sustainability will be restored," he stated, as per ANI. 

In the month of April,  the two sides convened their first round of talks at the IMF headquarters in Washington, DC. 

Sri Lanka is hoping for a Rapid Finance Instrument (RFI) facility as well as a larger Extended Fund Facility (EFF) from the international financial body to help it deal with its foreign currency shortages, which have triggered an economic crisis. 

In the last meeting, the IMF assured to help the country with an amount of $300 million to $600 million. According to IMF, the island nation will receive the said amount from the World Bank over the course of the next four months. 

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