Sri Lankan Delegation Meets with IMF Officials in Washington DC.

Sri Lanka economic crisis!

Even after a revamp of the entire cabinet Sri Lanka's economic wars don't seem to get any better.

The country's top delegation has flown to Washington D.C, They met with the international monetary fund officials.

The discussions covered recent economic and financial developments in Sri Lanka. The IMF team welcomed the plan to engage in a dialogue with their creditors, But also made it clear that before lending more money it was important to put Sri Lanka's debt needs to a sustainable park.

A statement by the international body says 

"Going forward the IMF team will support Sri Lanka's efforts to overcome the current economic crisis we will engage with all stakeholders in support of a timely resolution of crisis."

The world bank has also announced an emergency response package for Sri Lanka.

The global lenders did not provide an exact value for its package but Sri Lankan finance minister says that 

"About 500 million dollars is being considered out of which 10 million dollars will be immediately available these funds will be specifically to purchase medicines especially to fight against COVID. Priority is being given to medical aid meals for school children and cash for the vulnerable section support to provide cooking gas, basic food supplies and fertilizers are also being talked about." 

Apart from this countries like India are trying to send further aid to Sri Lanka. Some 1.5 billion dollars in bridge financing is under discussion between Colombo and New Delhi altogether. Payment of about 51 billion dollars in external debt has already been suspended. 

Calls for resignation have been growing against the Rajapaksa brothers nationwide. Protests have been ongoing for weeks now as the crisis worsens government loyalists are switching sides as well. 

Media minister has extended support for the demonstrations, Even amid mounting  pressure neither Rajapaksas are ready to step down. Prime minister Mahinda Rajapaksa has asserted in case an interim government is formed then it will only be under his leadership. 

In a statement he said 

"How can we form an interim government without a common agreement if an interim government is formed it should be under my leadership. I do not think others would agree to it."

On calls forresignation the leader said 

"I do not think the majority is saying so, Some members of the parliament say so. People who do not have any knowledge of the past may be saying it, No one has asked me to step down I do not think anyone would do either." 

Sri Lanka is a small island country. It has been struggling to pay for imports, Amid a crushing debt crisis a sharp drop in foreign exchange reserves is not helping the situation. 

The country is suffering its most painful economic downturn since its independence in 1948.