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International news brief: Sri Lanka in bailout discussions with the IMF



pti-Deepika S

| Updated: Friday, July 29, 2022, 23:24 [IST]

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Colombo, July 29: Sri Lanka said bailout discussions with the International Monetary Fund (IMF) had resumed Friday after the World Bank said it would not be able to offer the country fresh funding without "deep structural reforms."

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The island nation of Sri Lanka is bankrupt, and its economy is in a death spiral. Fresh figures released on Friday showed year-on-year inflation in July hitting a record 60.8%.

The news comes as China plans on sending a military ship to the port of Hambantota, a Chinese built and leased port in southern Sri Lanka. India is concerned China is using the port as a military base in its backyard.

India has provided Sri Lanka with $4 billion in aid funding this year, while China is a major Sri Lankan creditor.

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