IMF approves USD 3 billion in financial assistance for debt-ridden Sri Lanka : The Tribune India

IMF approves USD 3 billion in financial assistance for debt-ridden Sri Lanka

International Monetary Fund's Executive Board approvs a 48-month extended arrangement under its Extended Fund Facility with an amount of about USD 3 billion

IMF approves USD 3 billion in financial assistance for debt-ridden Sri Lanka

Photo for representation



PTI

Washington/Colombo, March 21

The IMF has approved a USD 3 billion bailout programme to help debt-ridden Sri Lanka overcome its economic crisis and catalyse financial support from other development partners, a move welcomed by Colombo on Tuesday as a "historic milestone" in the critical period.

International Monetary Fund's Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (about USD 3 billion), according to a statement.

Special Drawing Rights (SDR) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF).

Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis.

The economy is facing significant challenges stemming from pre-existing vulnerabilities and policy missteps in the lead-up to the crisis, further aggravated by a series of external shocks, the IMF said.

#sri lanka

Tribune Shorts


Top News

India’s democracy ‘vibrant’: US allays concerns ahead of PM visit

India’s democracy ‘vibrant’: US allays concerns ahead of PM visit

Says strength of democratic institutions to figure in discus...

NH-44 blocked, farmers cane-charged

NH-44 blocked, farmers cane-charged

BKU protests as sunflower not procured on MSP

BSF constable killed, two hurt in Manipur ambush

BSF constable killed, two hurt in Manipur ambush

Kuki insurgents target soldiers’ camp in school

Biggest LSD haul, darknet cartel busted

Biggest LSD haul, darknet cartel busted

NCB unearths pan-India trafficking | 6 held, all in their 20...


Cities

View All