IMF approves $695 million funding for Sri Lanka
Funding comes as country grapples with rising inflation and currency depreciation
The International Monetary Fund announced on May 27 that it would be providing Sri Lanka with immediate access to around $695 million, under the country’s existing Extended Fund Facility (EFF) arrangement.
The EFF provides financial assistance to countries facing serious medium-term balance of payments problems, caused by structural weaknesses that take time to address. The arrangement for Sri Lanka was originally approved in March 2023, as the country continued to deal with the economic crisis
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