IMF to approve bailout package for Sri Lanka tomorrow: CBSL governor

March 19, 2023 09:27 pm

Sri Lankan central bank governor Nandalal Weerasinghe told media on Sunday that the country’s “dollar crisis” is over, as the International Monetary Fund (IMF) is set to approve a 2.9 billion U.S. dollar bailout package for the country on Monday.

He said Sri Lanka will hence has adequate foreign reserves for imports for essential sectors, adding that the IMF package will boost investor sentiment and enhance the country’s access to more foreign funds and investments.

The IMF package will include budgetary support to Sri Lanka’s government, which is a new element in IMF lending, he said.
Sri Lanka started the related negotiations with the international lender in 2022 after the South Asian country was hit by a severe economic crisis.

Source - Xinhua
-Agencies

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.