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IMF is lending 2.9 billion US dollars to Sri Lanka

IMF is lending 2.9 billion US dollars to Sri Lanka
IMF is lending 2.9 billion US dollars to Sri Lanka

Sri Lanka is in an unprecedented economic crisis. Photo: Reuters

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Sri Lanka is in an unprecedented economic crisis. Photo: Reuters

The International Monetary Fund (IMF) has reached an initial agreement to provide a US$2.9 billion (2.9 billion) loan to Sri Lanka, which is facing an unprecedented economic crisis.

The global lender announced on Thursday that this money will be given to Sri Lanka over the next four years. News from AFP and Reuters.

A loan from the IMF was Sri Lanka’s last resort to overcome its worst economic crisis since independence. The IMF has agreed to lend to the South Asian island nation on the condition that it radically reform its economic structure.

Sri Lanka’s new fund-supported program is aimed at improving macroeconomic stability and debt restructuring, according to a statement issued at the end of nine consecutive days of talks by the IMF delegation in Colombo.

Sri Lanka will need debt support from creditors and additional financing from multilateral partners to bridge the gap between debt sustainability and financing, the agency said.

Sri Lanka has agreed to raise revenues, eliminate subsidies, guarantee a flexible exchange rate and restructure its sunken foreign exchange reserves, the IMF said.

Sri Lanka is in the worst economic crisis since independence from Britain in 1948. The Corona pandemic, the inefficiency of the government in managing the national economy, the increase in the price of energy around the world and the foreign exchange reserves in the state treasury have fallen to the bottom have created a disastrous situation in Sri Lanka.

The demotion of Sri Lanka’s Rajapakse brothers-led government, unreasonable tax cuts, collapse of the tourism business due to the corona pandemic and spending of foreign currency without thinking about future consequences are the main reasons for the country’s plight. The country’s President Gotabaya Rajapaksa was forced to resign in July in the face of mass protests.


The article is in Bengali

Tags: IMF lending billion dollars Sri Lanka

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