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Brunei
Monday, October 3, 2022
23.5 C
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Monday, October 3, 2022
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    IMF set to provide USD2.9B to help Sri Lanka

    COLOMBO, Sri Lanka (AP) – The International Monetary Fund (IMF) will provide Sri Lanka USD2.9 billion over four years to help salvage the country from its worst economic crisis under a preliminary agreement the agency announced on Thursday.

    The arrangement will work to restore financial and macroeconomic stability and debt sustainability as well as unlock the country’s growth potential, the IMF team visiting Sri Lanka said in a statement.

    The package is contingent on approval from the IMF management and executive board, as well as on receiving assurances from Sri Lanka’s creditors that debt sustainability will be restored.

    More details on Friday’s Borneo Bulletin

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