IMF signs preliminary $2.9 billion deal with Sri Lanka

It was announced that the International Monetary Fund (IMF) has reached a staff-level agreement with the IMF for a 48-month, approximately $2.9 billion credit line to support Sri Lanka’s economic policies. It was announced that Sri Lanka has reached a preliminary agreement with the IMF for $2.9 billion in emergency funding to provide the crisis-hit country with an emergency loan. The IMF and Sri Lanka have reached a staff-level agreement for a 48-month, approximately $2.9 billion credit line to support the country’s economic policies. The goal of the Sri Lankan program will be to ensure macroeconomic stability and debt sustainability. What happened? In the months of protests in the country, which is experiencing an economic crisis, thousands of demonstrators demanding the resignation of Sri Lankan President Gotabaya Rajapaksa had stormed the official presidential residence. Following the events, Rajapaksa, who first fled to the Maldives, then Singapore, and then went to Thailand, submitted his resignation letter to parliament via e-mail. Following Rajapaksa’s resignation, Prime Minister Ranil Wickremesinghe was elected as the country’s new president by a vote in parliament.