$1.5 billion loan extended by one year by IMF

  • Fri,1 Mar 2019 05:52:04 AM

British Asia News Network- AD

Colombo, Mar 01: The IMF has agreed to extend $1.5 billion loan for an additional year, It also Mentioned that the nation’s economic growth is expected to accelerate by about 3.5 % this year, rising from 3 percent last year.

The IMF move comes in at time when cash-strapped Lankan government needs more time to complete economic and structural reforms.

The move will provide welcome breathing space for Sri Lankan authorities, who late last year were hit by downgrades from major ratings agencies after a political crisis that included the sudden replacement of the country’s Prime Minister Ranil Wickremesinghe and later his reinstatement.

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