8 SHARES Share TweetColombo, Sri Lanka April 22-Crisis-hit Sri Lanka’s inflation hit a record high for the sixth consecutive month, official data showed on Friday as the government asked the IMF for an urgent bailout. Sri Lanka asked the International Monetary Fund this week for emergency assistance, but was told that the South Asian nation’s $51 billion external debt was “unsustainable” and must be “restructured” before any help. “Approval of an IMF-supported program for Sri Lanka would require adequate assurances that debt sustainability will be restored.”The government has announced a default on its foreign debt and said precious foreign exchange will be reserved to finance essential food and medicines. Police clashed with protesters in central Sri Lanka on Tuesday, killing one of them and wounding nearly 30. The country’s foreign exchange shortage has led to a slowing down of imports, including essentials.

Source: Daily Nation April 22, 2022 13:56 UTC