Sri Lanka receives first tranche of IMF bailout

Sri Lanka receives first tranche of IMF bailout

March 23, 2023   05:12 pm

The Ministry of Finance has received the first tranche of the Extended Fund Facility (EFF)  form the International Monetary Fund (IMF).

Accordingly, Secretary to the Ministry of Finance Mahinda Siriwardena confirmed that USD 333 million was received by the Ministry today.

He stated this during a meeting held in this regard with President Ranil Wickremesinghe  and the Heads of media institutions.

The Executive Board of the IMF approved the Extended Fund Facility (EFF) to Sri Lanka at its board meeting held on Monday (20 March).

The program will allow Sri Lanka to access financing of up to US$ 7 billion from the IMF, International Financial Institutions (IFIs) and multilateral organizations.

The 48-month extended arrangement with an amount of SDR 2.286 billion (395 percent of quota or about USD 3 billion) was approved under the EFF, with the aim of restoring Sri Lanka’s macroeconomic stability and debt sustainability, mitigating the economic impact on the poor and vulnerable, safeguarding financial sector stability, and strengthening governance and growth potential, the IMF said.

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Most Viewed Video Stories

Sri Lanka's National Vesak Week commences today (English)

Sri Lanka's National Vesak Week commences today (English)

APAC vulnerable to U.S. tariff risks due to trade openness – Fitch (English)

Air Force, Navy commences efforts to recover helicopter that crashed into Maduru Oya Reservoir (English)

PM instructs police to carry out a swift probe into death of Kotahena schoolgirl (English)

LIVE🔴 Ada Derana Prime Time News Bulletin 6.55 pm

Heated exchanges in Sri Lanka's Parliament over death of Grade 10 student in Kotahena

Pope Leo XIV celebrates first Mass after historic election as Pope Francis' successor (English)

Teacher accused of molesting Kotahena schoolgirl sent on compulsory leave (English)