Sri Lankan foreign reserves dipped into US$50 million – SL expects IMF help

Sri Lankan Finance Minister Ali Sabry told Parliament that the current foreign reserves in Sri Lanka is lesser than US$50 million.

Sri Lanka should have gone to the IMF much earlier and floated the Rupee earlier as well, it will take at least six months for the country to enter into a program with the IMF. Discussions are underway to obtain bridging finance with several countries, he further added.

Meanwhile Sri Lankan cabinet spokesman and Mass Media Minister Dr. Nalaka Godahewa yesterday said that Sri Lanka will soon resume talks on staff level to determine the size of the aid package from the IMF.

The World Bank has already agreed to provide Sri Lanka with US$ 600 million to import essential food commodities, fuel, drugs and gas etc.

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