India Writes To IMF Supporting Sri Lanka's Debt Restructuring Plan: Report
NDTV
The country of 22 million people is facing its worst economic crisis since independence from Britain in 1948.
India has told the International Monetary Fund (IMF) it will support Sri Lanka's debt restructuring plan, a source with direct knowledge of the matter said, as the island nation races to secure a $2.9 billion bailout from the global lender.The country of 22 million people is facing its worst economic crisis since independence from Britain in 1948, and policymakers have been grappling with multiple challenges over the past year including a shortage of dollars, runaway inflation and a steep recession.
"India has written to the IMF," the source told Reuters, asking not to be named because they are not authorised to speak to the media.
A spokesperson for India's finance ministry declined to comment. Sri Lanka's finance ministry did not immediately respond to a request for comment.
New Delhi's backing comes at a critical time for Sri Lanka as it has to put its massively indebted public finances in order to unlock the IMF loan that was agreed in September.
