India backs Sri Lanka to secure IMF bailout plan amid crisis

KIFI

Published January 20, 2023 12:53 AM

By KRISHAN FRANCIS
Associated Press

COLOMBO, Sri Lanka (AP) — India’s foreign minister says his country has given financial assurances to the International Monetary Fund to facilitate a bailout plan to help neighboring Sri Lanka emerge from its worst economic crisis, in a first formal announcement from one of the island nation’s creditors. India’s Foreign Minister S. Jaishankar announced the support Friday while on a two-day visit to Sri Lanka, where he met with President Ranil Wickremesinghe and other Cabinet ministers. Sri Lanka and the IMF have reached a preliminary agreement on a $2.9 billion bailout plan over four years, but final approval depends on assurances given by creditors on the debt restructuring.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.