IMF Approves $3 Billion Bailout for Sri Lanka

Published On: March 21, 2023 - The IMF’s board approved Sri Lankan government’s request for a $2.9bn bailout. The program will enable the country to access up to $7bn in overall funding. This clears the way for the release of funds and kicks off a four-year program designed to shore up the country’s economy. The decision will allow an immediate disbursement of about $333m, the IMF said and will spur financial support from other partners, potentially helping Sri Lanka emerge from its worst financial crisis in decades.