COLOMBO (NewsRadio); President Ranil Wickremesinghe is scheduled to make a special statement today.
President Wickremesinghe will deliver an address to the nation on the agreements reached with the International Monetary Fund.
The Executive Board of the International Monetary Fund (IMF) yesterday (20) approved a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion).
Sri Lanka went to the IMF after being hit hard by a catastrophic economic crisis.
The EFF-supported program aims to restore Sri Lanka’s macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financial sector stability, and strengthen governance and growth potential.
The Executive Board’s decision has enabled an immediate disbursement equivalent to SDR 254 million (about US$333 million) and catalyzed financial support from other development partners.
President Ranil Wickremesinghe will detail his plans to stabilize the economy and ensure growth in the medium term.