{"id":43443,"date":"2022-04-19T18:30:49","date_gmt":"2022-04-19T13:30:49","guid":{"rendered":"https:\/\/pni.net.pk\/en\/?p=43443"},"modified":"2022-04-19T17:19:52","modified_gmt":"2022-04-19T12:19:52","slug":"sri-lanka-says-imf-to-consider-request-for-rapid-aid","status":"publish","type":"post","link":"https:\/\/pni.net.pk\/en\/latest-business-news\/sri-lanka-says-imf-to-consider-request-for-rapid-aid\/","title":{"rendered":"Sri Lanka says IMF to consider request for rapid aid"},"content":{"rendered":"<p>COLOMBO \u2013 April 19 (ONLINE) The International Monetary Fund will consider providing quick financial assistance to debt-burdened Sri Lanka following representations by India, Sri Lanka&#8217;s finance ministry said on Tuesday.<\/p>\n<p>A delegation headed by Sri Lanka&#8217;s Finance Minister Ali Sabry kicked off formal talks with the IMF in Washington on Monday for a programme the government hopes will help top up its reserves and attract bridge financing to pay for essential imports of fuel, food and medicines.<\/p>\n<p>Shamir Zavahir, an aide to Sabry, said on Twitter that Sri Lanka asked for a loan under the rapid financial instrument (RFI) window, meant for countries needing urgent balance-of-payment support. But the global lender was initially not inclined to grant the request, he said.<\/p>\n<p>&#8220;The IMF has subsequently informed Minister Sabry that India had also made representations on behalf of Sri Lanka for an RFI,&#8221; Sri Lanka&#8217;s finance ministry said in a statement.<\/p>\n<p>&#8220;It had been communicated that IMF will consider the special request made despite it being outside of the standard circumstances for the issuance of an RFI.&#8221;<\/p>\n<p>Sri Lanka&#8217;s sovereign dollar-denominated bonds came under pressure again on Tuesday, with longer-dated issues falling as much as 1.4 cents in the dollar to trade at deeply distressed levels of just over 40 cents, Tradeweb data showed.<\/p>\n<p>The country&#8217;s devastating financial crisis has come as the effects of COVID-19 exacerbated mismanaged government finances and as rising prices of fuel sapped foreign reserves. Fuel, power, food and medicines have been running low for weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>COLOMBO \u2013 April 19 (ONLINE) The International Monetary Fund will consider providing quick financial assistance to debt-burdened Sri Lanka following representations by India, Sri Lanka&#8217;s finance ministry said on Tuesday. A delegation headed by Sri Lanka&#8217;s Finance Minister Ali Sabry kicked off formal talks with [&#8230;]<\/p>\n<p>\n","protected":false},"author":16,"featured_media":43444,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-43443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sri Lanka says IMF to consider request for rapid aid<\/title>\n<meta name=\"description\" content=\"Sri Lanka says IMF to consider request for rapid aid\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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