Crisis Hit Sri Lanka!

IMF Provide $2.9 Billion

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The International Monetary Fund will provide $2.9 billion over four years to rescue Sri Lanka from its worst financial crisis under a preliminary agreement.

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This  will work to restore financial and macroeconomic stability and debt sustainability as well as unlock the country's growth potential, the IMF team is visiting Sri Lanka.

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"Debt relief from Sri Lanka's creditors and additional financing from multilateral partners will help ensure debt stability and close financing gaps,"

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Sri Lanka is in the midst of an unprecedented economic crisis, with shortages of essential commodities such as fuel, medicine and cooking gas due to severe foreign exchange shortages.

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The country's total external debt is over $51 billion, of which $28 billion is due by 2028.

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Sri Lanka's economy is expected to contract by 8.7% in 2022 and inflation will rise by more than 60%, the IMF said, hitting the poor and vulnerable.

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