Sri Lanka seeks to avoid economic meltdown by looking to raise $3 billion internationally
Sri Lanka will need about $3 billion in external assistance within the next six months to help restore supplies of essential items, including fuel and medicines as the government looks to manage a severe economic crisis.
"The entire effort is not to go for a hard default," Sabry said. "We understand the consequences of a hard default." Sabry said he will lead a delegation of Sri Lankan officials to Washington to start talks with the IMF on April 18 and that financial and legal advisers would be selected within 21 days to help the government restructure its international debt.
Sabry said the government will hike taxes and fuel prices within six months and seek to reform loss-making state-owned enterprises, in an effort to fix public finances. The government would also look for support from the Asian Development Bank, the World Bank and bilateral partners including China, the United States, Britain and countries in the Middle East.
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