Executive Board statement…

The International Monetary Fund (IMF) reported that its Executive Board had authorized a 48-month extended arrangement under the Extended Fund Facility (EFF) with a sum of SDR 2.286 billion (395 percent of quota, or around US$3 billion).

“A terrible economic and humanitarian crisis has severely affected Sri Lanka. The economy is dealing with serious problems brought on by pre-existing weaknesses and bad policy choices made in the run-up to the crisis, which have been made worse by a number of external shocks.

“The EFF-supported initiative aims to restore Sri Lanka’s macroeconomic stability and debt sustainability, minimize the economic impact on the poor and vulnerable, defend financial sector stability, and strengthen governance and growth potential,” the organization stated in a brief statem ent.