World Watch

Sri Lanka : IMF Approves US$ 3 Billion In Financial Assistance To The Island Nation Overcome Economic Crisis

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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.

In a PTI report, 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).

Further, Sri Lanka will be the first country in Asia to undergo a governance diagnostic exercise by the IMF which will assess corruption and governance vulnerabilities in the debt-trapped country, the global lender said in a report by PTI

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