The government is expected to hold another round of technical talks with the International Monetary Fund (IMF) shortly to borrow at least $3 billion via the extended fund facility (EFF).
The government is hoping to reach a staff-level agreement before the end of this month.
A round of technical talks was held last month as well, as the country is struggling to cope up with the shortage of foreign exchange to pay for imports as well as to honour its debt commitments.
Sri Lanka has requested a rescue plan to overcome its worst economic crisis since independence.
The government also defaulted on some overseas debt earlier this year and is struggling to pay for imports of basics such as fuel and medicine.
An EFF programme, which would be the 17th IMF plan for Sri Lanka will require the government to make structural economic reforms.
IMF programmes normally last three years with a grace period of four-and-a-half years to start paying back the loan, once the plan is approved.
According to reports, a $3 billion deal would represent almost four times the country’s quota with the IMF.
The government is also holding talks with other international lending and donor agencies as well as governments to secure funding to resolve the current financial crisis.
Last month, leader of the United National Party Ranil Wickremesinghe was appointed as the Prime Minister to steer the country forward amidst a number of challenges.
Prime Minister Wickremesinghe was also appointed as the Minister of Finance, Economic Stabilisation and National Policies.
The Premier is overseeing 57 state bodies including the Central Bank of Sri Lanka.