INSUBCONTINENT EXCLUSIVE:
Sri Lanka could have avoided its current economic turmoil if it had gone to the International Monetary Fund (IMF) for a bailout sooner, the
Nandalal Weerasinghe told BBC Newsnight that the delay in seeking outside help was a mistake.The country has said it needs $5bn this year in
support from the international community, including the IMF.Sri Lanka defaulted on its foreign debt for the time in its history last
Nations World Food Programme found that around two thirds of Sri Lankan households have been forced to reduce their food intake.Mr
Weerasinghe said Sri Lanka was experiencing its worst economic crisis since independence from Britain in 1948.A team from the IMF is due to
arrive in Colombo for talks on Monday and Mr Weerasinghe will be a key participant in those meetings.Yet there is uncertainty about whether
Mr Weerasinghe, who replaced previous governor Ajith Nivard Cabraal in April, will be reappointed for a full six year term at the end of
for two months and go back
wrote.The World Bank has warned that as many as 12 other developing countries are at risk of default over the coming year.Analysts say
states such as the Maldives, Rwanda, Ethiopia, Senegal are also all on the financial brink.Egypt, Ghana and Pakistan are also seen as
intensely vulnerable.Source: BBC-Agencies
This article first appeared/also appeared in https://adaderana.lk
