SL crisis due to severe mismanagement – IMF Chief

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The International Monetary Fund (IMF) Chief Kristalina Georgieva told an Indian news network that the Sri Lankan economic crisis was due to severe mismanagement, and that her agency was strongly supporting the debt restructuring process.

 “I feel for the people in Sri Lanka. It is breaking my heart to watch pictures of what is happening in the country that once was quite prosperous,” she told NDTV at the annual meeting of the World Economic Forum in Davos.

It is a result of mismanagement, Georgieva said, noting that the most important thing to be done is to put the island nation back on a sound macroeconomic footing.

Sri Lanka needs to restructure its debt and that the IMF will strongly support the island nation in this regard, she said.

“We have a technical team in the country, we are ready to support Sri Lanka once we have clarity on what the programme may look like and how debt can be restructured,” Georgieva added.

(MA)