IMF approves 2.9b dollar bailout for Sri Lanka
Sri Lankan President Ranil Wickremesinghe's office said on Monday that the International Monetary Fund's (IMF) executive board has approved a 2.9 billion US dollar bailout for Sri Lanka which will overall give it access up to 7 billion dollar in funding.
The IMF program will help improve Sri Lanka's standing in international capital markets, the Sri Lankan president's office said in a statement, potentially helping it emerge from its worst financial crisis in over seven decades.
President Wickremesinghe told parliament earlier in March the IMF agreement was crucial to ensure other creditors could also release funds.
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