India News | Lankan Envoy Meets Sitharaman; Raises Need for Bridge Financing

New Delhi, May 27 (PTI) Sri Lankan High Commissioner Milinda Moragoda on Friday met Finance Minister Nirmala Sitharaman and explored the possibility of India increasing its financial assistance to the island nation to help it deal with its severe economic crisis.

In the meeting, Moragoda reiterated that Sri Lanka would require "bridging finance" until the economic adjustment programme with the IMF could be negotiated and finalised, according to the Sri Lankan High Commission.

Also Read | Brendon McCullum Does Not Think His Coaching Inexperience at International Level is an … – Latest Tweet by ANI Digital.

"In this context, the minister and the High Commissioner explored the possibility of increasing and restructuring the assistance provided by India in the form of credits for essential commodities and fuel as well as the balance of payment support," it said in a statement.

It said the high commissioner and the Indian finance minister evaluated the status of ongoing economic cooperation and discuss the way forward.

Also Read | 7th Pay Commission Latest Update: Centre Likely To Hike Dearness Allowance to 38% for Government Employees.

"High Commissioner Moragoda thanked Minister Sitharaman for the continuation of assistance that India is extending to Sri Lanka in the form of credits for essential commodities and fuel, and also for the balance of payment support," the mission said.

"He particularly appreciated her taking up the case of Sri Lanka on the sidelines of the IMF Spring Meetings in April in Washington DC, with the IMF, other multilateral institutions and bilateral development partners," it said.

Moragoda briefed Sitharaman on the present developments in Sri Lanka.

The meeting took place in the midst of widespread protests in Sri Lanka over the severe economic crisis.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)