Wednesday, May 31, 2023

IMF Confirms $2.9 Billion Loan Package for Sri Lanka

The president of Sri Lanka said on Monday that the IMF had granted the country’s request for a $2.9 billion bailout, bolstering expectations for a resolution to the island nation’s severe economic crisis.

The IMF’s board also said that the loan had been authorised, clearing the path for money to start flowing and beginning a four-year programme to support the economy of the South Asian country.

President Ranil Wickremesinghe said in a statement, “I express my gratitude to the IMF and our international partners for their help as we aim to bring the economy back on track for the long term through careful budgetary management and our ambitious reform agenda.

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