Sri Lanka says it won't rush to IMF despite rising economic risks

Sri Lanka will try to boost domestic economy first – official
Economy under growing pressure as reserves run low
Imports are stuck in containers and inflation has jumped
Despite pressures, country will not rush to IMF for help

COLOMBO, Feb 11 (Reuters) – Sri Lanka’s foreign exchange reserves are plummeting, essential imports are stalling and opposition leaders and some experts warn that time is running out to avoid a sovereign default that would further upend the economy.

But Finance Minister Basil Rajapaksa is focused on helping the domestic economy shake off the impact of the COVID-19 pandemic before he seeks assistance from the likes of the International Monetary Fund (IMF), a close aide said.

“We should not be in a hurry to run here and there without sorting out local issues,” said Milinda Rajapaksha, who works closely with the finance minister and is an additional director general in the media ministry.