Colombo: Sri Lanka, which is in talks with the International Monetary Fund (IMF) to recover from the financial crisis, is seeking a $ 3 billion loan to meet its food shortages. The move to get a new loan is in line with the IMF’s additional loan scheme. Efforts are being made to make the amount available by the end of this month. The new loan is four times the IMF quota for Sri Lanka. This will help Sri Lanka get out of the current crisis as it will get another four-and-a-half year grace period to repay the 3-year loan.
In order to get a loan, one has to implement strict financial discipline and reform measures, including tax hike, as defined by the IMF. A commission of inquiry appointed by President Gotabhaya Rajapaksa has found former Prime Minister Mahinda Rajapaksa’s right-hand man and former minister guilty of violence against anti – government protesters in early May.
Content Highlight: Sri Lanka Economic Crisis