INSUBCONTINENT EXCLUSIVE:
the island nation seeks help to deal with its plunging reserves, a sliding currency and surging inflation.IMF Asia and Pacific Department
Director Changyong Rhee met Finance Minister Basil Rajapaksa and Treasury Secretary S.R
Atygalle, two finance ministry officials told Reuters.Sri Lanka is expected to start formal negotiations with the IMF in April on a possible
review of the economy and the assessments outlined by IMF executive directors at an IMF board meeting in late February.Rhee meets Sri Lankan
meeting on Monday evening.Sri Lanka has been hit by a dollar drought with reserves dropping to $2.31 billion in February
The country is struggling to pay for critical imports including fuel, food and medicines.Chronic shortages have hit Sri Lankans hard with
rolling power cuts, long lines at pumps and record levels of inflation.Last week the Sri Lankan rupee fell 30% after the government allowed
the currency to free-float, driving prices even higher.Source: Reuters--Agencies
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