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Sri Lanka: IMF Approves $3B Under Extended Fund Facility

EMERGING MARKETS
  • The Executive Board of the IMF approved today a 48‑month extended arrangement under the Extended Fund Facility EFF with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion) - Bloomberg
  • "The economy is facing significant challenges stemming from pre-existing vulnerabilities and policy missteps in the lead up to the crisis, further aggravated by a series of external shocks"
  • "The objectives of the EFF-supported program are to restore macroeconomic stability and debt sustainability, safeguarding financial stability, and stepping up structural reforms to unlock Sri Lanka’s growth potential."
  • Full statement: https://www.imf.org/en/News/Articles/2023/03/20/pr...

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