The International Monetary Fund has preliminarily agreed to extend a 48 - month $2 . 9 billion loan recently to which country to help restore economic stability?

Solution

The International Monetary Fund has preliminarily agreed to extend a 48 - month $2 . 9 billion loan to Sri Lanka to help restore economic stability to the crisis - hit South Asian country . The loan will be made under the IMF ’ s Extended Fund Facility, which helps countries deal with balance of payments or cash flow problems . It will only be disbursed after satisfactory debt restructuring, including debt relief arrangements have been struck between Sri Lankan authorities and the country ’ s creditors . Sri Lanka has more than $50 billion in external debt owed to countries such as Japan and China as well as the World Bank . About IMF Formation : 27 December 1945 Headquarters : Washington, D . C . , U . S . MD : Kristalina Georgieva About Sri Lanka Capitals : Colombo, Sri Jayawardenepura Kotte Prime minister : Dinesh Gunawardena President : Ranil Wickremesinghe