Colombo has called in financial advisers Lazard as it prepares to renegotiate its complex web of creditors, including bilateral loans from Japan, India and China
An IMF delegation will visit Sri Lanka on June 20 and Prime Minister Ranil Wickremesinghe is hopeful a staff level agreement will be reached by the end of the month
The port has been criticised as an example of reckless spending by the government, which has seen the country plunge into economic chaos and left the government unable to repay loans
Sri Lanka is in talks with the IMF for a loan package to help navigate its worst economic crisis in seven decades
Sri Lanka is renegotiating terms of a yuan deal with China worth $1.5bn, as the country will need $5bn to fund essential imports over the next six months to ensure basic living standards, PM says
Prime Minister Ranil Wickremesinghe, who took office last month, has raised taxes to shore up government revenues and plans to cut expenditure
Ranil Wickremesinghe said a Chinese loan was being finalised even as his government negotiates a multi-billion-dollar International Monetary Fund bailout
The bank said inflation would remain elevated in the near-term due to supply-side pressures while economic growth will also record a setback
Hit hard by the pandemic, rising oil prices and populist tax cuts, Sri Lanka's dire economic situation has led to spiralling inflation and shortages of essential supplies
The IMF will meet with Sri Lankan officials in a virtual meeting beginning on Monday, a statement from Masahiro Nozaki, the fund's country mission chief said on Saturday
The announcement follows news that Sri Lanka has extended a credit line with India by $200 million in order to procure emergency fuel stocks
Chinese officials suggested to Colombo they would prefer to refinance the bilateral debt, Media Minister Nalaka Godahewa said on Tuesday