A government delegation in Sri Lanka, which is facing severe foreign exchange crisis, left for the US on Sunday where it will talk to the International Monetary Fund (IMF) to get a relief package of $4 billion. The delegation, led by newly appointed Finance Minister Ali Sabri, will hold talks with the International Monetary Fund from April 19 to 24. Sabri said that Sri Lanka wants to get a relief package of $ 4 billion from the IMF.
Also read: This share reached Rs 80 from 36 paise, made Rs 1.11 crore to 50 thousand investors in a year
Earlier on Tuesday, the Finance Ministry had said it was suspending payment of foreign debt till the debt restructuring program with the IMF is completed. Sri Lanka has to pay a debt of $ 7 billion this year. This is the first time in Sri Lanka’s history since 1948 that it has failed to pay the debt.
The Sri Lanka Securities and Exchange Commission (SEC) announced on Saturday that trading on the Colombo Stock Exchange, Sri Lanka’s stock exchange, would be closed for a week. The SEC said that it has been decided to close trading on the Colombo Stock Exchange from this Monday to Friday in order to give investors an opportunity to gain more clarity and understanding of the market.