Skip to content

Sri Lanka Looks to Rely More on India Until IMF Funding Agreed

  • Envoy in talks with Finance Minister Sitharaman in New Delhi
  • Government needs $4 billion to pay for food, medicines, fuel
An employee transfers petrol from a tanker truck at fuel station in Colombo on May 26.

An employee transfers petrol from a tanker truck at fuel station in Colombo on May 26.

Photographer: Ishara S. Kodikara/AFP/Getty Images

Sri Lanka is counting on more help from India until it secures an International Monetary Fund program that’s hoped would unlock aid from other lenders to help face the worst economic crisis of its independent history.

The South Asian nation has been plagued by shortages of necessities, power cuts, and rampant inflation, which has triggered calls for the ouster of President Gotabaya Rajapaksa. Prime Minister Ranil Wickremesinghe, who this week also took on the role of finance minister, said on May 26 that he’s looking to fast-track talks with the IMF as the nation will need about $4 billion this year from the multilateral lender and creditors including China and Japan.