Sri Lanka seeks to secure $5 billion in funds for import payments

FILE PHOTO: Ranil Wickremesinghe, newly appointed prime minister, arrives at a Buddhist temple after his swearing-in ceremony, amid the country's economic crisis, in Colombo, Sri Lanka, May 12, 2022. REUTERS/Dinuka Liyanawatte

COLOMBO (Reuters) - Sri Lanka seeks to secure around $5 billion in funding this year to cover repayments for fuel imports and other items bought through credit lines, and another $1 billion to bolster its foreign reserves, the prime minister's office said on Thursday.

The island nation is grappling with its worst financial crisis in over seven decades with a severe foreign exchange shortage that has left it struggling to pay for essential imports including food, fuel, fertilisers and medicines.