IMF to approve USD 2.9-bln bailout package for Sri Lanka: Central bank governor

---

By  India Blooms News Service   Mar 19, 2023

Colombo: Sri Lankan central bank governor Nandalal Weerasinghe told media on Sunday that the countrys dollar crisis is over, as the International Monetary Fund (IMF) is set to approve a 2.9 billion U.S. dollar bailout package for the country on Monday.

He said Sri Lanka will hence have adequate foreign reserves for imports for essential sectors, adding that the IMF package will boost investor sentiment and enhance the countrys access to more foreign funds and investments.

The IMF package will include budgetary support to Sri Lankas government, which is a new element in IMF lending, he said.

Sri Lanka started related negotiations with the international lender in 2022 after the South Asian country was hit by a severe economic crisis.

(With UNI inputs)