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Abstract:WASHINGTON (Reuters) – The International Monetary Funds executive board on Monday approved a $3 billion four-year extended financing arrangement for Sri Lanka, paving the way for immediate disbursement of about $333 million to the cash-strapped country.
WASHINGTON (Reuters) – The International Monetary Funds executive board on Monday approved a $3 billion four-year extended financing arrangement for Sri Lanka, paving the way for immediate disbursement of about $333 million to the cash-strapped country.
The IMF said the new Extended Fund Facility (EFF) arrangement program aims to restore Sri Lankas macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financial sector stability, and strengthen governance and growth potential.
It said the boards approval would catalyze financial support from other development partners.
(Reporting by Andrea Shalal and David Lawder; Editing by Chris Reese)
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