Sri Lanka rules out IMF bailout, seeks China loan: Report

"The IMF is not a magic wand," central bank Governor Ajith Nivard Cabraal said

Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka (Reuters)

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Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka (Photo: Reuters)

Agencies

1 min read Last Updated : Jan 12 2022 | 11:14 PM IST

Sri Lanka ruled out an IMF bailout today and said it plans to seek another loan from China to address an economic crisis that has led to food and fuel shortages.

“The IMF is not a magic wand,” central bank Governor Ajith Nivard Cabraal told a news conference in Colombo. “At this point, the other alternatives are better than going to the IMF.” Cabraal added that talks with China over a new loan were at an “advanced stage”, and a fresh agreement would service existing debt to Beijing.

“They would assist us in making the repayments... the new loan coming from China is

Topics : sri lanka IMF China

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