Sri Lanka received an immediate disbursement of over USD 300 Mn from IMF - President

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe said the IMF bailout package has opened a new avenue to create a better future for the youth of the country.

"We have received an opportunity to uplift our motherland," he told the Parliament on Wednesday (22) adding that the bailout of US $3 Billion will be provided across four years.

The President said that an immediate disbursement of US $330 Million was received by Sri Lanka from the IMF, noting immediate facilities to the tune of US $7 Billion will be available from the World Bank and other creditor agencies. He said that local banks will once again be recognized globally, as Sri Lanka will no longer be considered as a bankrupt nation.

On the 20th of March 2023, the International Monetary Fund (IMF) announced that the IMF Executive Board approved Sri Lanka’s program under the Extended Fund Facility (EFF). The program will allow Sri Lanka to access financing of up to US$ 7 billion from the IMF, International Financial Institutions (IFIs) and multilateral organizations.