(Reuters] – On May 24, a virtual IMF mission will be heading to Sri Lanka to discuss a loan program that the IMF might offer to this crisis-stricken South Asian nation.

Rice said in a video briefing that the IMF is closely monitoring economic and political developments in Sri Lanka. As a result of shortages in essential goods, the debt-laden island is currently experiencing its most severe economic crisis since 1948 when it gained independence.

Rice stated that “So, we are committed to helping Sri Lanka in accordance with IMF policies” and that we will engage with all stakeholders to support a prompt resolution of the crisis being faced there.