IMF approves $3 bn bailout for Sri Lanka : The Tribune India

IMF approves $3 bn bailout for Sri Lanka

IMF approves $3 bn bailout for Sri Lanka

Ranil Wickremesinghe, Sri Lanka PM



Colombo, March 21

The International Monetary Fund said Monday that its executive board has approved a nearly $3 billion bailout program for Sri Lanka over four years to help salvage the country’s bankrupt economy.

About $333 million will be disbursed immediately and the approval will also open up financial support from other institutions, the IMF said.

“Sri Lanka has been facing tremendous economic and social challenges with a severe recession amid high inflation, depleted reserves, an unsustainable public debt, and heightened financial vulnerabilities,” its statement quoted IMF Managing Director Kristalina Georgieva as saying.

“Institutions and governance frameworks require deep reforms. For Sri Lanka to overcome the crisis, swift and timely implementation of the EFF-supported program with strong ownership for the reforms is critical.” The approval will unlock financing of up to $7 billion from the IMF and other international multilateral financial institutions, President Ranil Wickremesinghe’s office said.

“We committed to full transparency in all our discussions with financial institutions and with our creditors,” Wickremesinghe said in a statement from his office. “I express my gratitude to the IMF and our partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda.” — AP

Will boost economy

I express my gratitude to the IMF and our partners for their support as we look to get the economy back on track. — Ranil Wickremesinghe, Sri Lanka PM

#sri lanka

Tribune Shorts


Top News

Sharad Pawar appoints Praful Patel, Supriya Sule as NCP working presidents

Sharad Pawar appoints Praful Patel, Supriya Sule as NCP working presidents

The announcement was made in the presence of Ajit Pawar, a k...

Cyclonic storm Biparjoy likely to intensify further

Cyclone Biparjoy to intensify in next 24 hours

Then it will move gradually north-northwestwards in the next...

Sidhu Moosewala’s father reaches Punjab cabinet meeting site in Mansa, is whisked away by police

Sidhu Moosewala's father reaches Punjab cabinet meeting venue in Mansa, is whisked away by police

Mansa SSP Nanak Singh, along with police officials, took Bal...

Rs 7 crore looted from office of cash management firm in Ludhiana

Rs 7 crore looted from cash management firm in Ludhiana

The incident takes place at around 1.30 am when the men barg...


Cities

View All