INSUBCONTINENT EXCLUSIVE:
move seen as key to unlock emergency funds needed to ease its worsening economic crisis.The country is aiming to choose financial and legal
advisers in 15 to 20 days, Finance Minister Ali Sabry said in a Bloomberg Television interview with Kathleen Hays and Haidi Stroud-Watts
late Wednesday in Washington.Sri Lanka is seeking as much as $4 billion this year to help ease shortages of food, fuel and medicines as its
foreign reserves dry up and it heads for a default on its international debt
The economic decline in recent weeks has spiraled into a domestic crisis, with protests seeking the ouster of President Gotabaya Rajapaksa
turning deadly on Tuesday when police killed at least one person and wounded several others.About $500 million of the total funds sought by
Sri Lanka is expected to come as emergency aid from the Asian Development Bank and World Bank in the next six months, Sabry said.The IMF has
said its rapid aid depends on progress on debt restructuring, but the lender has declined to comment on what represents adequate steps
toward developing a credible debt plan.The July dollar bond rose for a fourth day, indicating up 0.4 cents on the dollar at 46.3 as of 11:35
could approve release of funds earlier if necessary, a first step along that path will be for the country to appoint advisers to chart the
restructuring and payments of debts
comprehensive aid package from the IMF may require about six months, Foreign Minister G.L
Peiris said earlier Wednesday in Colombo.Sabry is in Washington with other officials seeking emergency funds during the so-called spring
meetings of the IMF and World Bank
This article first appeared/also appeared in https://adaderana.lk
