Ready to revise Sri Lanka bailout after US tariffs: IMF
The Peninsula
Colombo: The International Monetary Fund on Tuesday offered to revise the terms of a $2.9 billion bailout loan to cash strapped Sri Lanka, should the...
Colombo: The International Monetary Fund on Tuesday offered to revise the terms of a $2.9 billion bailout loan to cash-strapped Sri Lanka, should the United States reinstate punitive tariffs on exports.
The administration of US President Donald Trump this month imposed a 44 percent tariff on imports, including garments and rubber, from the South Asian island nation, which is struggling to recover from its economic meltdown in 2022.
The prohibitive tariffs have been suspended by Washington for 90 days, and Colombo is in talks to have them removed, but there has been no response yet from US authorities.
The IMF's mission chief for Sri Lanka, Evan Papageorgiou, told reporters Tuesday that global trade policy uncertainties triggered by Trump's tariffs posed a major risk for Sri Lanka.
"If these risks materialise, we will work with the authorities to assess the impact of those shocks, and we will support the country in formulating specific policy responses within the contours of the existing IMF programme," Papageorgiou said.
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