The International Monetary Fund officially announced a little while ago that a working group agreement was reached between Sri Lanka and the International Monetary Fund.
Accordingly, the announcement further states that Sri Lanka will receive comprehensive funding facilities of 2.9 billion dollars from the International Monetary Fund in the future.
The facility will be operational for 48 months.
Peter Brewer and Masahiro Nozaki, the representatives of the International Monetary Fund, have issued the announcement after holding discussions with the Sri Lankan authorities from September 24 to today (01).
It is stated that the main purpose of the talks was to assist Sri Lanka in “complete economic reforms”.
“The new Comprehensive Funding Facility will help promote macroeconomic stability and credit sustainability in Sri Lanka. It will help in further development of Sri Lanka by creating financial stability in the country and reducing the risk of corruption.”