Colombo: Crisis-hit Sri Lanka has reached a preliminary agreement with the International Monetary Fund for a loan of about USD 2.9 billion, the international lender said on Thursday.
Sri Lanka is going through its worst economic crisis since its independence in 1948, which was triggered by a severe paucity of foreign exchange reserves.
IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about 2.9 billion US dollars, the IMF said in a statement.
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