(MENAFN- Colombo Gazette)
Sri Lanka is probably the first country to light firecrackers for receiving a loan from the International Monetary Fund (IMF), former Minister Wimal Weerawansa told Parliament today.
He noted that banners were also erected in some places congratulating the President for securing the loan.
Weerawansa said that the IMF must be laughing at the drama taking place in Sri Lanka.
The IMF Executive Board had this week approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of SDR 2.286 billion (about US$3 billion) to support Sri Lanka's economic policies and reforms.
“Sri Lanka has been facing a severe economic crisis as a result of past policy missteps and economic shocks. We have been deeply concerned about the impact of the crisis on the Sri Lankan people, particularly the poor and vulnerable groups, and about the economic costs of the delay in the country's access to external financing,” the IMF said.
The Board approval marks an important step towards the resolution of the crisis.
Sri Lanka has now receives an initial disbursement of about US$330 million from the EFF arrangement, which is expected to catalyze new external financing including from the Asian Development Bank and the World Bank. (Colombo Gazette)
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