IMF agrees to lend Sri Lanka $2.9 billion
Tags: International News
The International Monetary Fund (IMF) on 1 September approved a loan of $2.9 billion to Sri Lanka.
IMPORTANT FACTS -
- It has been extended for a period of four years with conditions on debt restructuring and action on corruption.
This step has been taken after a week-long discussion between the IMF and Sri Lankan officials.
The IMF mission was led by Peter Breuer and Masahiro Nozaki who were in Sri Lanka from 24 August to 1 September.
The newly expanded facility will help Sri Lanka in restoring macroeconomic and debt stability.
It will help in safeguarding financial stability, reducing corruption and unlocking Sri Lanka's growth potential.
Sri Lanka is facing its worst economic crisis since its independence from Britain in 1948.
It is going through a period of skyrocketing inflation, dollar shortage and devaluation of the local currency due to wrong financial decisions.
About International Monetary Fund (IMF) :
The International Monetary Fund (IMF), a United Nations (UN) specialised agency, was established in 1944 at the Bretton Woods Conference to secure international monetary policies.
The International Monetary Fund is an organisation with 189 member countries.
First Deputy Managing Director- Geeta Gopinath
Headquarters- Washington, D.C., U.S.
Managing Director- Kristalina Georgieva
Chief Economist - Pierre Olivier Gourinchas
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