Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: One was killed, another injured in a raid by an Israeli drone on the city of Khiam in South Lebanon
London views possibility of setting fire to tanker in port of friendly country to Russia to damage port infrastructure, initiate an international probe: Moscow
One of London's scenarios involves setting up accident with 'undesirable' tanker in one of the bottlenecks of maritime communications: Russian foreign intelligence agency
London plans to organize major sabotage with tankers to declare transportation of Russian oil to international shipping: Russian foreign intelligence agency
UK intelligence agencies plan to use NATO allies to launch massive raid on 'Shadow Fleet': Russian foreign intelligence agency
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.

IMF approves $2.9bln loan to Sri Lanka

  • By Al Mayadeen English
  • Source: Agencies
  • 20 Mar 2023 22:14
2 Min Read

The country's President claims that the loan will assist the South Asian nation put its economy back on track and support its "reform agenda".

  • x
  • IMF approves $2.9bn loan to Sri Lanka
    The International Monetary Fund (IMF) logo seen outside the headquarters building in Washington, US, September 4, 2018 (Reuters)

The International Monetary Fund (IMF) has approved a $2.9 billion loan to Sri Lanka under a four-year program as the South Asian country suffers from an unprecedented financial crisis affecting its 22 million population.

"I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda," the country's President Ranil Wickremesinghe said on Monday.

China's approval earlier this month to restructure its loans to Sri Lanka has paved the way for the funds' $2.9 billion bailout approval, as Beijing is considered one of the largest creditors of the struggling country.

Sri Lanka defaulted on its $46 billion foreign debt in April 2022 and was negotiating a bailout deal with the IMF to repair its shattered finances. The country witnessed months of lack of food, fuel, and medicine, extended power cuts, and inflation - which in turn has caused civil unrest and public outrage.

Months of protests during the height of the crisis pushed then-President Gotabaya Rajapaksa to depart the country and resign in July 2022 following accusations of economic mismanagement and corruption.

Related News

Lebanon passes banking restructuring law to secure funds from the IMF

World Bank: Global growth to slow sharply, worst since 2008

Read more: Sri Lanka under $2.9 billion condition to remedy economic crisis

His successor, Wickremesinghe, has negotiated with international creditors and imposed tax hikes "to smooth passage of the IMF bailout."

The President's office stated earlier Monday that he was seeking to restructure the country's debts over a 10-year period.

The country must agree on joint terms for the debt restructuring plan no later than June when the IMF is expected to study the bailout program.

"Sri Lanka will not be able to draw down the second tranche unless a debt restructuring plan is agreed with all creditors," said an official informed on the country's negotiations with the fund.

The country is also counting on the release of billions of dollars in foreign aid - that were frozen since Colombo's debt default last year - after the IMF deal is finalized.

  • International Monetary Fund
  • IMF
  • Sri Lanka
  • IMF loan
  • colombo

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS