June 13, 2024
1 min read

IMF releases $330m to crisis-hit Sri Lanka

The third IMF tranche out of a $2.9-billion bailout package to recover from the worst-ever economic crisis since Sri Lanka’s Independence….reports Asian Lite News

The Executive Board of the International Monetary Fund (IMF) approved Sri Lanka’s second review under the Extended Fund Facility (EFF) paving the way for the crisis-hit Indian Ocean Island to receive the third tranche of around $330 million.

“This achievement is a testament to our dedication to driving forward economic reforms and securing a prosperous future for all Sri Lankans. Onward and upward!” announcing the IMF’s financial approval, Minister of Foreign Affairs Ali Sabry said in a post on social media platform X.

The third IMF tranche out of a $2.9-billion bailout package to recover from the worst-ever economic crisis since Independence followed the release of a second tranche of $337 million last December.

Gradually recovering from the crisis, Sri Lanka has been progressing toward debt sustainability, raising revenue, rebuilding its reserves, reducing inflation and safeguarding financial stability.

The IMF approved the bailout package in March 2023, a year after the 22 million people in the island nation were plunged into turmoil as it grappled with crippling shortages of essential food, fuel and medicines.

The crisis triggered massive street protests which forced the powerful President Gotabaya Rajapaksa to flee the country and topple the government.

India played a major role in Sri Lanka to secure the IMF deal as the powerful neighbour issued the required guarantees sought by the Washington-based lender.

India’s Finance Ministry went on to the extent of issuing a letter to the IMF to confirm its support to Sri Lanka on the issue of debt restructuring.

Additionally, India also provided much-needed financial and humanitarian assistance of more than $4 billion.

ALSO READ: Jaishankar’s Lanka Visit to Pave Way for Modi

Previous Story

High Mortality Risk for Anorexia Nervosa Patients with Psychiatric Conditions

Next Story

Mumbai Film Fest to Feature Top Filmmakers

Latest from -Top News

GAZA KILLINGS: War Crime?

Mobile Phone Footage Casts Doubt on Israeli Account of Ambulance Attack in Gaza Newly surfaced mobile phone footage has raised serious questions about the Israeli military’s justification for opening fire on a

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that

Uganda, South Sudanese leaders hold talks

Museveni, who is among the guarantors of a 2018 peace agreement that ended a five-year civil war, held closed-door discussions with President Salva Kiir Uganda’s President Yoweri Museveni was expected to meet

Protests across US against Trump

The largest event was at the National Mall in DC, where demonstrators numbered in the tens of thousands People across the US took to the streets on Saturday to oppose what left-leaning

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that
Go toTop

Don't Miss

China’s grip on Sri Lanka sparks concerns

There is indeed a strong case to examine whether Sri

Sri Lanka gears up to hike power tariffs by 66%

The Ceylon Electricity Board suffered an estimated loss of Rs