IMF approves Sri Lanka's $2.9-B bailout

By Agence France-Presse

Mar 22, 2023 12:18 am

COLOMBO: Sri Lanka's president said on Monday that the International Monetary Fund (IMF) has approved its request for a $2.9-billion bailout, raising hopes for an easing of the island nation's dire economic crisis.

The IMF's board also confirmed it has signed off on the loan, which clears the way for the release of funds and kicks off a four-year program designed to shore up the country's economy.

Sri Lankan Laborers load sacks of imported potatoes to handcarts at a marketplace in Colombo on Tuesday, March 21, 2023. The International Monetary Fund said on Monday that its executive board has approved a nearly $3-billion bailout program for Sri Lanka over four years to help salvage the country’s bankrupt economy. AP PHOTO

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