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Relief to Sri Lanka.. IMF agrees to give a loan of 2.9 billion dollars

Relief to Sri Lanka.. IMF agrees to give a loan of 2.9 billion dollars
Relief to Sri Lanka.. IMF agrees to give a loan of 2.9 billion dollars

September 1, 2022 / 06:00 PM IST

Sri Lanka Crisis | The International Monetary Fund (IMF) has provided relief to Sri Lanka, which is reeling from a crisis like never before. Agreed to provide a loan of 2.9 billion dollars to Sri Lanka. After independence in 1948, the island nation was facing a severe economic crisis. It is suffering from shortage of foreign exchange. Due to this reason, it is difficult to import essential goods.

Sri Lankan officials said in a statement that the IMF has agreed to provide a 48-month loan under the $2.9 billion Extended Fund Facility (EFF). This loan will be received in 48 months. Macroeconomic stability in Sri Lanka, while providing loan assistance to preserve financial stability. However, the IMF advised Lanka to take several corrective measures before financial assistance. To ensure credit affordability, it suggested seeking loan assistance from partners and donors to help bridge the financial gap.

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The article is in Telugu

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