IMF asks cash-strapped Sri Lanka to restructure huge foreign debt

Crisis-hit island nation also seeks bridge loans as IMF aid will take six months

The International Monetary Fund said on Wednesday that it has asked cash-strapped Sri Lanka to “restructure” its huge foreign debt before a bailout programme could be finalised as anti-government protests escalated across the island.

 Sri Lanka is reaching out to several nations for bilateral credit as a comprehensive aid package from the International Monetary Fund may require about six months. 

India is providing “every conceivable assistance,” Foreign Minister GL Peiris told reporters at a briefing in Colombo on Wednesday, adding that he will be meeting the Chinese ambassador  on Thursday. Sri Lanka is also seeking help from Japan, Oman, Qatar