India urges IMF to provide urgent bailout to Sri Lanka
Nirmala Sitharaman with IMF Managing Director Kristalina Georgieva
Indian finance minister Nirmala Sitharaman has called on International Monetary Fund to "urgently provide financial assistance to" Sri Lanka even as Colombo is in talks with the multilateral financial intuition for a bailout.
The Sri Lankan economic crisis was a key part of the conversation between FM Sitharaman and IMF Managing Director Kristalina Georgieva on Monday in Washington DC. The Indian minister is in the American capital to take part in the International Monetary Fund-World Bank (IMF-WB) Spring meetings.
According to a release by the Indian finance ministry, FM Sitharaman "indicated that IMF should support and urgently provide financial assistance to Sri Lanka" to which IMF MD "assured the finance minister that the IMF would continue to actively engage with Sri Lanka."
During the meeting, "the IMF MD particularly referredto the help India has provided to Sri Lanka during their difficult economic crisis."
In the past threemonths, India has extended support worth about $2.5 billion to Sri Lanka. It includes twolines of credit- $500 million for fuel & $1 billion for food, medicine and essential supplies including acredit swap of $400 million and deferment of Asian Clearing Union payment of over $ 515 million.
As part of the line of credit, diesel, petrol and rice have been sent to the country.
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The development comes on a day when Indian and Sri Lankan finance ministers had held talks on the economic crisis faced by the country.
A Sri Lankan delegation led by Lankan finance minister Ali Sabry visited Washington and had met the Indian FM.
A tweet statement by the Indian ministry of finance said minister Sitharaman "assured Sri Lanka that as a close friend and good neighbour, India will try to extend all possible cooperation and assistance to Sri Lanka."
Sri Lanka has been hit by a massive economic crisis with runaway inflation which has led to large scale protests in the country against the Rajapakse government. A new cabinet has taken charge in the country to combat the crisis.
Interestingly, the Sri Lankan High Commissioner to India Milinda Moragoda had met the Indian finance minister ahead of her visit to the US during which the economic crisis and Colombo negotiating a bailout with IMF was discussed.
The High Commissioner discussed how India can "assist Sri Lanka in garnering international support" to "secure bridging finance and for the economic adjustment programme" withSitharaman.