Sri Lankan President Ranil Wickremesinghe‘s office said on Monday that the International Monetary Fund’s executive board has approved a $2.9 billion bailout for Sri Lanka which will overall give it access up to $7 billion in funding.
The IMF program will help improve Sri Lanka’s standing in international capital markets, the president’s office said in a statement, potentially helping it emerge from its worst financial crisis in over seven decades.
The IMF did not immediately respond to a Reuters request for comment.
Wickremesinghe told parliament earlier in March the IMF deal was crucial to ensure other creditors could also release funds.
The IMF program will help improve Sri Lanka’s standing in international capital markets, the president’s office said in a statement, potentially helping it emerge from its worst financial crisis in over seven decades.
The IMF did not immediately respond to a Reuters request for comment.
Wickremesinghe told parliament earlier in March the IMF deal was crucial to ensure other creditors could also release funds.