IMF approves USD 695 million to Sri Lanka

WASHINGTON: (May 28) The International Monetary Fund (IMF) has approved USD 695 million in funding for Sri Lanka as the island nation grapples with the impact of Cyclone Ditwah and the war in West Asia.

The IMF’s executive board has approved the amount following a combined review of Sri Lanka’s economic reform programme supported by the 48-month Extended Fund Facility (EFF) arrangement of about USD 2.4 billion, a statement said.

“Sri Lanka’s strong implementation under the EFF arrangement has continued despite challenging circumstances. Gains from the economic reform programme helped preserve economic resilience and provided room to respond to cyclone Ditwah and the Middle East war,” Kenji Okamura, Deputy Managing Director of the IMF, said in the statement.