- ALSO READ
Sri Lankan central bank urges India, China to reduce debts at the earliest
German Bundesrat approves price cap for electricity, gas to cushion impact
Interest rates to be reduced in 2023: Sri Lanka's central bank chief
Sri Lanka's central bank ready to adopt IMF programme within March
Lack of independence at Central Bank led to Sri Lanka's bankruptcy
-
Sri Lankan central bank governor Nandalal Weerasinghe told media on Sunday that the country's "dollar crisis" is over, as the IMF is set to approve a $2.9 billion bailout package for the country on Monday.
He said Sri Lanka will hence have adequate foreign reserves for imports for essential sectors, adding that the IMF package will boost investor sentiment and enhance the country's access to more foreign funds and investments, Xinhua news agency reported.
The IMF package will include budgetary support to Sri Lanka's government, which is a new element in IMF lending, he added.
Sri Lanka started the related negotiations with the international lender in 2022 after the South Asian country was hit by a severe economic crisis.
--IANS
int/khz/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.
Download the Business Standard App for latest Business News and Market News .
First Published: Sun, March 19 2023. 17:15 IST
RECOMMENDED FOR YOU