IMF reviews Sri Lanka’s emergency financing request after Cyclone
The request, submitted under the IMF’s Rapid Financing Instrument (RFI), totals 150.5 million Special Drawing Rights (SDR), roughly 26% of Sri Lanka’s IMF quota. Evan Papageorgiou, the IMF mission chief for Sri Lanka, stated that “This request is currently under consideration and subject to approval by the IMF’s Executive Board.”
The cyclone, which struck the island earlier this week, has created severe humanitarian and economic challenges. Papageorgiou expressed condolences, saying: “In the wake of the devastating impact and widespread destruction caused by Cyclone Ditwah, we extend our deepest sympathies to the people of Sri Lanka.”
The IMF confirmed its ongoing engagement with Sri Lankan authorities, pledging support for recovery and resilience-building efforts: “The IMF remains closely engaged with Sri Lankan authorities during this challenging period and is committed to supporting the country as it undertakes urgent efforts to recover, rebuild, and promote resilience for the future.”
The RFI is intended to provide rapid financial assistance to member nations facing urgent balance-of-payments needs, including those caused by natural disasters. Disbursement requires approval from the IMF Executive Board.
Cyclone Ditwah has claimed at least 607 lives in Sri Lanka, with 214 individuals still missing, according to the country’s Disaster Management Center. The United Nations reported additional fatalities in the region, including at least 185 deaths in southern Thailand with 367 missing, four deaths in India, and three in Malaysia amid extreme weather conditions.
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