“This achievement is testament to our dedication to driving forward economic reforms and securing a prosperous future for all Sri Lankans. Onward and upward!” Announcing the IMF financial approval, Foreign Minister Ali Sabri said in a post on social media platform X.
To overcome the worst economic crisis since independence, the IMF has released the third tranche of the $2.9 billion bailout package after releasing the second tranche of $337 million last December.
Slowly recovering from the crisis, Sri Lanka is moving towards debt sustainability, increasing revenues, rebuilding its reserves, reducing inflation and protecting financial stability.
The IMF approved the bailout package in March 2023, a year after the island nation's 22 million people grappled with severe shortages of essential food, fuel and medicines.
The crisis sparked massive street protests, leading powerful President Gotabaya Rajapaksa to flee the country and topple the government.
India played a major role in Sri Lanka securing the IMF deal as the powerful neighbor issued the necessary guarantees sought by the Washington-based lender.
India's Finance Ministry went to the extent of issuing a letter to the IMF to reaffirm its support to Sri Lanka on the debt restructuring issue.
Additionally, India also provided much-needed financial and humanitarian assistance of over $4 billion.
To overcome the worst economic crisis since independence, the IMF has released the third tranche of the $2.9 billion bailout package after releasing the second tranche of $337 million last December.
Slowly recovering from the crisis, Sri Lanka is moving towards debt sustainability, increasing revenues, rebuilding its reserves, reducing inflation and protecting financial stability.
The IMF approved the bailout package in March 2023, a year after the island nation's 22 million people grappled with severe shortages of essential food, fuel and medicines.
The crisis sparked massive street protests, leading powerful President Gotabaya Rajapaksa to flee the country and topple the government.
India played a major role in Sri Lanka securing the IMF deal as the powerful neighbor issued the necessary guarantees sought by the Washington-based lender.
India's Finance Ministry went to the extent of issuing a letter to the IMF to reaffirm its support to Sri Lanka on the debt restructuring issue.
Additionally, India also provided much-needed financial and humanitarian assistance of over $4 billion.
