SRI LANKA ECONOMIC CRISIS IMF

Sri Lanka awaits IMF vote on second tranche of EFF program amid economic crisis

epa11022751 Hand cart pullers work at a wholesale market in the commercial hub of Colombo, Sri Lanka, 11 December 2023. The International Monetary Fund's executive board is slated to vote on 12 December regarding the release of approximately 330 million US dollars as the second tranche of the Extended Fund Facility program to Sri Lanka. In the preceding year, the IMF approved a three-billion-dollar Extended Fund Facility (EFF) to bolster Sri Lanka's economic strategies and reforms. Meanwhile, the Asian Development Bank (ADB) recently approved a 200 million US dollars concessional loan to Sri Lanka's government aimed at stabilizing the nation's financial sector in response to the economic crisis that arose in 2022 due to the suspension of external debt payments. Sri Lanka is experiencing its worst economic crisis in over seven decades as a result of a lack of foreign reserves. EPA/CHAMILA KARUNARATHNE

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