People fall in line to buy kerosene for their homes in Colombo, Sri Lanka on April 11, 2022. Amid the unprecedented economic crisis in Sri Lanka, the price of rice has risen to "unbearable levels" in the island nation, according to several consumers. Photo: VCG

Sri Lanka has requested the International Monetary Fund (IMF) for rapid financial assistance and the global lender could consider it after initial reluctance, an aide to the country's finance minister said on Tuesday.

Protests have erupted in the island nation as it battles a devastating financial crisis brought by the effects of COVID-19, mismanaged government finances and rising prices of fuel that have sapped foreign reserves. 

A delegation headed by Sri Lanka's Finance Minister Ali Sabry kicked off formal talks with the IMF in Washington on Monday for a program the government hopes will help top up its reserves and attract bridge financing to pay for essential imports of fuel, food and medicines.

Sri Lanka is seeking $3 billion in the coming months from multiple sources including the IMF, the World Bank and India to stave off the crisis, Sabry told Reuters earlier in April. 

Last week, the country's central bank said it was suspending repayment on some of its foreign debt pending a restructure.

In the commercial capital Colombo, protests demanding the ouster of President Gotabaya Rajapaksa have dragged on for more than a week.

China, as Sri Lanka's traditional friendly country, has decided to provide emergency humanitarian assistance to Sri Lanka to help the country cope with the current economic difficulties, Xu Wei, spokesperson for the China International Development Cooperation Agency (CIDCA), said on Tuesday.

It is believed that the Sri Lankan government and people will be able to overcome temporary difficulties and maintain economic and social stability and development, Xu added in the statement.

Agencies