Foreign reserves dropped down to less than US$50 million

Sri Lanka's current foreign reserves have dropped down to less than US$50 million. Finance Minister Ali Sabry told Parliament. He said Sri Lanka should have gone to the IMF much earlier and floated the Rupee earlier. He also says it will take at least six months for the country to enter into a program with the IMF. The Finance Minister also said that discussions are underway to obtain bridging finance with several countries.