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Sri Lankan Delegation Discusses Current Domestic Economic Challenges With IMF

© Sputnik / Natalia Seliverstova / Go to the mediabankThe International Monetary Fund in Washington, D.C.
The International Monetary Fund in Washington, D.C. - Sputnik International, 1920, 11.10.2022
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MOSCOW (Sputnik) - Sri Lankan finance minister Shehan Semasinghe and head of the Central Bank Nandalal Weerasinghe held talks with the first deputy managing director of the International Monetary Fund (IMF), Gita Gopinath, to discuss the current domestic challenges that the country is facing.
"Had a productive discussion with First Deputy Managing Director of IMF Gita Gopinath along with Governor Nandalal Weerasinghe on economic reforms adopted to resolve challenges the country is experiencing and way forward with the assistance of IMF," Semasinghe said in a tweet.
Gopinath said, in turn, that she had an excellent discussion with Semasinghe on the "extreme challenges Sri Lanka faces and the concrete steps being taken to tackle them."
Earlier in September, the IMF reached an agreement with the government of Sri Lanka for a loan of about $2.9 billion to support the country's economic reforms.
Sri Lanka is facing a political and economic crisis, which is considered to be the worst since gaining independence in 1948. In mid-April, Sri Lanka defaulted on its external debt for an interim period, pending a restructuring of the obligations under an IMF-supported economic adjustment program.
The recession is attributed to ineffective government policies and foreign exchange shortages caused by a clampdown on tourism during the COVID-19 pandemic. It left the country unable to buy enough fuel, with people facing an acute scarcity of food and basic necessities, heating fuel and gas.
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