India has informed the International Monetary Fund (IMF) it will support Sri Lanka's debt restructuring plan, a source with direct knowledge of the matter said, as the island nation races to secure a $2.9 billion bailout from the global lender.
The country of 22 million people is facing its worst economic crisis since independence from Britain in 1948, and policymakers have been grappling with multiple challenges over the past year including a shortage of dollars, runaway inflation and a steep recession.
Sri Lanka requires the backing of China and India - its biggest bilateral lenders - to reach a final agreement with the IMF on the $2.9 billion loan that is essential to put its battered economy back on track. The two Asian giants, which have jostled for influence over Sri Lanka for decades, are also the island nation's biggestSri Lanka owes India around $1 billion that will come under the debt restructuring plan, the source said.
"We are hopeful of finalising support from the IMF in the first quarter of 2023," Sri Lanka's cabinet spokesperson, Bandula Gunawardana, told reporters on Tuesday.
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