IMF agrees to help Sri Lanka, will get $ 2.9 billion loan

IMF agrees to help Sri Lanka, will get $ 2.9 billion loan
IMF agrees to help Sri Lanka, will get $ 2.9 billion loan

Colombo: Sri Lanka, stricken by the historic economic crisis, has got support from the International Monetary Fund (IMF). After the ongoing efforts for the last three months and the IMF team’s tour of Sri Lanka, the way has been cleared for Sri Lanka to get a loan of $ 2.9 billion under the initial agreement.

Sri Lanka is currently facing the most severe economic crisis since independence. The country has a severe shortage of foreign exchange. Due to this, even the import of essential commodities in Sri Lanka has stopped. Due to the economic crisis, Sri Lanka has also seen a terrible political crisis, in which not only the residences of the President and the Prime Minister were occupied by the agitators, but under their pressure, the President and the Prime Minister had to step down.

Sri Lanka was pleading for help from the International Monetary Fund (IMF) to deal with the economic crisis. The IMF team has toured Sri Lanka twice in three months. IMF officials, who have been engaged in the second round of discussions for the last few days, put full emphasis on measures to restore debt stability. Sri Lankan Prime Minister Dinesh Gunawardene, in his meeting with the IMF team, had requested to focus on protecting the economically vulnerable groups in the country.

Peter Breuer, the head of the IMF’s negotiating panel, said his team held discussions with the government, the opposition and other parties and sent a fact-based report to the headquarters in Washington. The IMF representatives also explained the facts about taking protective measures for vulnerable groups in preparing plans for debt restructuring and economic revival. After this, a loan of $ 2.9 billion was agreed between the IMF and Sri Lankan officials. The tenure of this loan has been fixed at 48 months.


The article is in Hindi

Tags: IMF agrees Sri Lanka billion loan

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