Sri Lanka, suffering worst financial crisis, reaches agreement with IMF ThePipaNews

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ThePipaNews

COLOMBO: The IMF has reached a staff-level agreement with Sri Lanka, which is suffering from the worst economic crisis, but it has to be approved by the executive board of the financial institution. There is an acute shortage of dollars for purchases. A loan of 3 billion dollars has been applied to the IMF for oil, medicine and other essential commodities from the world market.

Staff-level talks between the Sri Lankan authorities and IMF staff over the disbursement of the loan have been ongoing since last week and now the parties have agreed to an agreement. Other details regarding this deal will be communicated to the media tomorrow (Thursday). Note that approval of this staff-level agreement will be taken by the Executive Board of the International Monetary Fund, which will convene shortly to review it. There will be a board meeting

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