Sri Lanka Seals Initial IMF Deal for $2.9 Billion Loan
- 48-month program aimed at restoring macroeconomic stability
- Sri Lanka to hold presentation to creditors in coming weeks
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Sri Lanka reached a staff-level agreement with the International Monetary Fund for a $2.9 billion loan, a key step for the bankrupt country to unlock more funding and restructure its debt.
The Extended Fund Facility will support Sri Lanka’s program to restore macroeconomic stability and debt sustainability, the IMF said in a statement Thursday. The 48-month program will be subject to approval by IMF management and the board.