Sri Lanka Economic Crisis: Troubled Sri Lanka signs agreement with IMF for financial help, can get loan soon

Sri Lanka, which is going through an economic crisis, had recently requested the International Monetary Fund (IMF) for help. In such a situation, on Wednesday, Sri Lanka has signed an agreement with the IMF. Whose official announcement can be made on Wednesday. Let us tell you that Sri Lanka had sought a loan of 3 billion dollars from the IMF. 

Sri Lanka's President Ranil Wickremesinghe, while presenting the interim budget on Tuesday, told parliament that talks with the IMF to get the bail out were in the final stages, news agency Reuters reported. Soon a meeting with the management officials of the IMF may be held regarding the loan agreement.

Interim budget was released on Tuesday

Reuters quoted sources as saying that an IMF team held talks with Sri Lankan officials, including the Treasury Secretary, on Tuesday. During the discussion, a consensus was reached between the two on most of the issues. It may be mentioned that the people of Sri Lanka have been fighting for daily items for months.

Let us tell you that political crisis had arisen in Sri Lanka when people struggling with economic crisis revolted. In such a situation, President Gotwaya Rajapaksa fled from the country facing economic crisis. After this, 6-time Prime Minister Ranil Wickremesinghe was made the President. Since then there has been some improvement in the condition.

It may be mentioned that Ranil Wickremesinghe held several rounds of talks with the IMF team to improve the condition of the country. It is also trying to restructure its debt of about $29 billion. Sri Lanka is planning to hold talks with private lenders soon. With whom will discuss debt restructuring.