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IMF commends steps taken by Sri Lanka to stabilise economy

COLOMBO (XINHUA) – The International Monetary Fund (IMF) commended the steps already taken by Sri Lanka to stabilise its economy, the Sri Lankan Finance Ministry said in a press release yesterday.

The ministry said Finance Minister Ali Sabry met with IMF Managing Director Kristalina Georgieva on Monday at the IMF headquarters. The IMF assured their fullest support, and a positive response has also been received to expedite the process to strengthen the support extended towards Sri Lanka, according to the press release.

Sabry also requested a Rapid Financing Instrument (RFI) and the IMF has subsequently informed him that India had also made representations on behalf of Sri Lanka for an RFI.

The Sri Lankan government decided last week to suspend repayment for all debts for an interim period till it has an orderly and consensual debt restructuring programme supported by the IMF.