The Worldwide Financial Fund (IMF) on Thursday introduced it has reached an settlement with cash-strapped Sri Lanka for a $2.9bn bailout bundle.
The debt-ridden island nation had sought as much as $3bn from the Washington-based lender in an effort to revive its financial system from the worst monetary disaster confronted by the nation since its independence in 1948, one which led to the toppling of the president and months of avenue protests.
The IMF and Sri Lankan authorities have reached a staff-level settlement to assist the nation’s financial insurance policies with a 48-month association, the lender stated in a press release.
