Sri Lanka to start talks with IMF as economic crisis worsens

The move to approach the IMF for help comes after months of resistance from Sri Lanka’s government and central bank, despite calls from opposition leaders and experts to seek a bailout package.

COLOMBO: Sri Lanka will begin talks with the International Monetary Fund (IMF) next month on a plan to help the crisis-hit country, where a foreign exchange shortage has squeezed essential imports amid looming debt payments, three sources say.

Sri Lanka is facing its worst financial crisis in years. With foreign exchange reserves standing at a paltry US$2.31bil (RM9.69bil), the country is struggling to pay for critical imports including fuel, food and medicines.