IMF Planning to send In-Person Mission to Sri Lanka

The International Monetary Fund is planning to send an in-person mission to crisis-hit Sri Lanka. Significantly, Sri Lanka is currently facing a very difficult economic situation. To deal with this situation, Sri Lankan President Gotabaya Rajapaksa has established two new ministries including the Ministry of Investment. The Ministry of New Technology and Investment Promotion will promote foreign direct investment and private sector investment while boosting the economic potential of Sri Lanka.

In this regard, the IMF spokesperson said that this mission will discuss financial assistance. But before proceeding with the funding program, Sri Lanka needs to take drastic steps to restore debt stability. He further said the global financial body is committed to helping Sri Lanka in this difficult time in line with its policies. The spokesman told the media that clearly Sri Lanka is facing a very difficult economic situation and serious balance of payments problems.

Sri Lanka is facing the biggest economic crisis ever since its independence in 1948. Sri Lanka has a debt of about $ 51 billion and this year Sri Lanka has to repay the debt of about $ 7 billion. The International Monetary Fund has taken this big step in this regard.