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This neighboring country of India is facing crisis, IMF is going to provide financial assistance of 337 million dollars

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IMF will provide financial assistance to India’s neighboring country

Sri Lanka News: India’s neighboring country Sri Lanka, which is struggling with poverty, is going to get crores of US dollars of assistance from the IMF. This assistance is very important for Sri Lanka. At a time when China is trapping Sri Lanka in its debt trap. This big American help is very useful for Sri Lanka. The IMF Executive Board has completed the first review under the 48-month Extended Fund Facility with Sri Lanka. With this, approximately US $ 337 million will be provided to the country facing cash crunch to restore macroeconomic and credit stability.

It is necessary to give 52 percent of the total loan to China

Announcing this, Sri Lanka’s senior mission chief Peter Breuer also said that the debt restructuring work with China to conclude the first review of the release of US $ 2.9 billion by the International Monetary Fund (IMF) will be done on a highly confidential basis. But it was done. Sri Lanka owes 52 percent of its total debt to China.

IMF reviewed

“In principle, the Chinese agreement is very good news for Sri Lanka’s debt restructuring talks,” Breuer told reporters on Tuesday. “We have seen a summary of the key financial terms of the agreement shared by officials on a strictly confidential basis.” The IMF completed the review late Tuesday night and approved the release of a second tranche of US$337 million to the island nation. This brings the disbursement value to US$670 million over the four-year facility.

Emergency was imposed in Sri Lanka

There was a lot of chaos in Sri Lanka last year. The people of Sri Lanka took to the streets and revolted. After this, emergency was imposed in Sri Lanka. In fact, there was strong opposition from former President Gotabaya Rajapaksa. After this, the movement was expected to end after Gotabaya fled the country, but after making Prime Minister Ranil Wickremesinghe the acting President, the movement again became fierce.

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