The Executive Board of the International Monetary Fund (IMF) has approved a 48-month extended arrangement under the Extended Fund Facility (EFF) with an amount of Special drawing rights (SDR) 2.286 billion (395 per cent of quota or about $3 billion).

The EFF-supported programme aims to restore Sri Lanka’s macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financial sector stability, and strengthen governance and growth potential, the IMF said in a statement.

The Executive Board’s decision will enable an immediate disbursement equivalent to SDR 254 million (about $333 million) and catalyse financial support from other development partners.

Read more about IMF approves $3 bn extended arrangement to support Sri Lanka's economy

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