On Friday, Colombo raised the borrowing costs for the first time in five meetings to tamp down inflation as it seeks a $2.9 billion loan from the International Monetary Fund (IMF) loan to keep its economy steady, Bloomberg reported.
Sri Lanka on Friday thanked India for its efforts in helping the island nation in its recovery from economic crisis last year. Sri Lanka's foreign minister MUM Ali Sabry said all the other countries put together had not done what India did for his nation. “India is the greatest partner of our recovery & stabilisation. I think all other countries put together had not done what India had done for us. US$ 3.9 Bn worth of credit line had given us a lifeline to fight another day. We're very grateful to India”, ANI quoted the minister.
The minister also spoke on the current situation in Sri Lanka, saying inflation is under control and the local currency has stabilised. “Sri Lanka has come a long way since last May-June collapse. Our inflation is under control, Rupee stabilised, queues no longer there, tourism has bounced back and Sri Lankans have started to send their funds back through normal channels”, Sabry said.
“It is the foundation for stability and along with that we are expecting IMF EFF programme to come through end of this month. So, with that I think we're back on track for recovery”, he added.
On Friday, Colombo raised the borrowing costs for the first time in five meetings to tamp down inflation as it seeks a $2.9 billion loan from the International Monetary Fund (IMF) loan to keep its economy steady, Bloomber reported. Sri Lanka's central bank hiked the standing lending rate by 100 basis points to 16.5 per cent. “There have been some differences between the CBSL and IMF staff on the inflation outlook,” the central bank said in a statement, adding that the IMF was of the view that more action was needed.
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