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Sri Lanka

IMF sees 'progress' in Sri Lanka as visit ends, fuel crisis deepens

As U.S., India and others reach out, officials go abroad in search of more help

A man pushes a three-wheeled scooter in Colombo on June 27 as Sri Lanka staggers under fuel shortages and and an economic crisis.   © Reuters

COLOMBO -- The International Monetary Fund on Thursday said it has had "constructive and productive discussions" with Sri Lanka and made "significant progress" toward an agreement that could help the country overcome its economic crisis, as an IMF team wrapped up a nearly two-week visit.

In a statement, the IMF said the Sri Lankan "authorities' monetary, fiscal policy and other actions since early April were important first steps to address the crisis," which has led to dire shortages of essentials including fuel, food and medicine, daily power cuts and a "preemptive" default on foreign debt.

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