COLOMBO: Sri Lanka’s president Ranil Wickremesinghe said Monday that the International Monetary Fund had approved a 2.9 billion dollars bailout for his country, raising hopes for easing the island’s dire economic crisis nation.
The IMF board also confirmed the approval of the loan, which clears the way for funds and kicks off a 4-year program designed to shore up the island nation’s economy.
President thanks IMF
Ranil Wickremesinghe thanked IMF and international partners for their support during the economic crisis in his country.
Sri Lanka defaulted on its foreign debt last April as the country plunged into its worst economic meltdown since independence because of a big shortage of foreign currency reserves.
The country of around 22 million people ran out of cash to continue even the most essential imports, causing extensive social unrest.
