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The President of Sri Lanka has announced that the International Monetary Fund (IMF) has granted approval for a $2.9 billion bailout, with the potential for the country to access up to $7 billion in overall funding. The IMF's board has confirmed the loan, facilitating the release of funds and initiating a four-year program aimed at stabilizing the nation's economy. This decision enables an immediate disbursement of approximately $333 million, which is expected to encourage financial assistance from other partners and aid Sri Lanka in overcoming its severe financial crisis.
Wednesday, 31 August, 2022