India has committed to help ease the debt of Sri Lanka as part of a possible International Monetary Fund (IMF) supported program, Reuters reported this week.
The island is currently dealing with it's worst economic crisis since its independence from Britain in 1948, causing prices to soar and making it increasingly difficult for people to access food, fuel and medicines.
"Sri Lanka is engaged with other official bilateral creditors to obtain similar assurances," an IMF spokesperson reportedly said on Monday.
"As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, a Fund-supported program for Sri Lanka can be presented to the IMF's Executive Board for approval that would unlock much needed financing," they added.
Last week, India’s foreign minister Subrahmanyam Jaishankar stated that “India decided not to wait for others but to do what we believe is right. We extended financing assurances to IMF to clear the way for Sri Lanka to move forward”.
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