IMF team lands in Colombo–Sri Lanka finally starts talks on a rescue package

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<strong>Cash strapped Sri Lanka has started the much awaited talks with the International Monetary Fund (IMF) for a rescue package. The IMF team arrived in Colombo on Monday and talks are likely to continue till the month-end.</strong></p>
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“Today, I met the visiting IMF Team and commenced discussions. Looking forward to reaching a staff level agreement and finalizing the program soon,” Sri Lankan Prime Minister Ranil Wickremesinghe tweeted.</p>
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Wickremesinghe is also aggressively seeking investments from other countries including India to support the economy.</p>
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The island nation with a population of 22 million is facing its worst economic crisis. Food and fuel shortages have hit the country.</p>
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“We reaffirm our commitment to support Sri Lanka at this difficult time, in line with the IMF’s policies,” IMF said in a statement.</p>
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<strong>Also read: <a href="https://www.indianarrative.com/economy-news/govt-offices-in-sri-lanka-shut-from-tomorrow-as-the-country-is-left-with-no-fuel-178413.html">Govt offices in Sri Lanka shut from tomorrow as the country is left with no fuel</a></strong></p>
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Barring India, few countries have offered assistance to Sri Lanka. Recently, Australia came forth, providing $50 million to the bankrupt country.</p>
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Amid acute fuel shortage, public sector offices and schools have been shut down. Students in both government and private schools in Colombo and its outskirts would move to online classes.</p>
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Meanwhile, Wickremesinghe said an interim budget will be presented outlining the economic roadmap.</p>
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The UN has warned that Sri Lanka could be staring at a full blown humanitarian crisis.</p>
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“We are concerned that this could develop into a full-blown humanitarian emergency, and we are taking action to address that concern,” Jens Laerke, spokesman for the UN humanitarian agency OCHA, said.</p>