International Monetary Fund

IMF staff reaches agreement with Ukraine for $15.6bn loan
If approved, as expected, the Ukraine programme would be the IMF’s biggest loan to a country involved in an active war.
Published On 22 Mar 2023
Sri Lanka receives first tranche of IMF bailout, says president
Ranil Wickremesinghe says his government will kick off next round of talks with creditors in the third week of April.
Published On 22 Mar 2023
Sri Lanka to get first tranche of $2.9bn bailout in two days: IMF
Global lender says island nation battling its worst economic crisis in seven decades will get $330m in next two days.
Published On 21 Mar 2023
Sri Lanka expects IMF nod for $2.9bn package after China’s help
Nation expects final IMF approval in the third or fourth week of March, President Ranil Wickremesinghe tells parliament.
Published On 7 Mar 2023

The country is awaiting approval of a $2.9bn IMF bailout package as it endures its worst financial crisis since 1948.

Soaring food, beverage, transport costs push consumer price index to 31.5 percent in February, highest rate since 1974.

President Ranil Wickremesinghe is facing a backlash over steep tax hikes and spending cuts imposed to get IMF funding.

The import-dependent nation is facing economic hardship in the wake of Russia’s invasion of Ukraine as prices shoot up.

Comments come at the back of a 10-day visit by an IMF delegation, as Pakistan hopes to unlock $1.1bn of crucial funds.

Measures proposed to secure the crucial loan include raising the general sales tax by a percentage point to 18 percent.

As IMF team leaves after 10 days of talks, finance minister Ishaq Dar says ‘routine procedures’ have delayed payment.

Fund says demand in the US and Europe has been stronger than expected, and that only the UK faces a recession.

The funding comes under a new programme which aims to help vulnerable middle-income countries and island states.

As 182 economists from around the world issued a call to cancel Sri Lanka’s debt, not all experts agree.

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