IMF To Extend 2.9 Billion $ To Sri Lanka

IMF To Extend 2.9 Billion $ To Sri Lanka

• Bankrupt Sri Lanka agreed a conditional $2.9 billion bailout with International Monetary Fund negotiators, as the island nation seeks to overcome a bruising economic crisis that saw its president flee the country. Months of acute food, fuel and medicine shortages, extended blackouts and runaway inflation have plagued the country after it ran out of dollars to finance even the most essential imports.
• The Extended Fund Facility will support Sri Lanka’s program to restore macroeconomic stability and debt sustainability, the IMF said in a statement Thursday. The 48-month program will be subject to approval by IMF management and the board. The South Asian nation is grappling with its worst economic crisis since independence alongside a political turmoil that led to the formation of a new government. Dwindling foreign-exchange reserves, crippling shortages of essential items and Asia’s fastest inflation have hammered the $81 billion economy.

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Published date : 02 Sep 2022 05:47PM