Sri Lanka to be First country in Asia to come under IMF's Governance, approved by the IMF's Executive Board
The IMF approved a three billion dollar bailout package for Sri Lanka to overcome the economic crisis on Monday. It has been approved by the IMF's Executive Board under its Extended Fund Facility (EFF) for 48 months.
Sri Lanka is set to become the first Asian country to be placed in a 'governance diagnostic exercise' by the International Monetary Fund (IMF). It aims to measure continuous improvement and progress in establishing effective governance and rule of law. The IMF said on Tuesday that under this it would identify the weak points of corruption and governance in the country.
IMF approves three billion dollars
The IMF on Monday approved a three billion dollar bailout package for Sri Lanka to overcome the economic crisis. It has been approved by the IMF's Executive Board under its Extended Fund Facility (EFF) for 48 months.
Emphasizing the importance of governance reform: Peter Breuer
“We are emphasizing the importance of anti-corruption and governance reform as key pillars of the EFF-supported programme,” said Peter Breuer, senior IMF official responsible for Sri Lanka. This is necessary to ensure that the people of Sri Lanka reap the hard-earned benefits of the reforms.