COLOMBO, Feb 14: International Monetary Fund (IMF) Managing Director Kristalina Georgieva will visit Sri Lanka for two days from February 16, the global lender announced.
This will be her first visit to the island nation since Sri Lanka entered an IMF bailout in March 2023.
“During her visit, the Managing Director will engage with authorities and stakeholders, witness firsthand the impact of Cyclone Ditwah and discuss how the IMF can support recovery and help build a stronger future for all Sri Lankans,” a statement said.
The nearly USD 3 million IMF bailout supported Sri Lanka’s economic recovery after the country declared its first-ever sovereign default in April 2022.
The crisis triggered an unprecedented public uprising that led to the toppling of the then-government.
Indian assistance of USD 4 billion helped Sri Lanka stay afloat as tens of thousands of people took to the streets amid a severe shortage of essential goods.
However, a strict reform regime required under the IMF agreement became highly unpopular, leading to the ouster of then-president Ranil Wickremesinghe in the September 2024 presidential election.
He was replaced by the former Marxist group National People’s Power (NPP), which, having pledged to undo the IMF bailout, has chosen to continue with it.
The NPP government awaits the bailout’s sixth tranche, which has been delayed as the island nation was hit by Cyclone Ditwah.
The IMF has responded to the cyclone recovery, releasing USD 200 million under its rapid finance programme.
It was estimated that USD 4-6 billion would be the full cost of Ditwah recovery. (PTI)
Follow our WhatsApp channel
