A staff level agreement was reached between Sri Lanka and the IMF

 

Colombo: A staff-level agreement has been reached between Sri Lanka and the IMF amid a severe economic crisis.

According to foreign media reports, negotiations between Sri Lanka and IMF officials for the provision of the loan have been ongoing since last week, in which significant progress has been made.

Sri Lankan officials and IMF representatives have agreed on a staff-level agreement, which will be formally announced on Thursday, media reports said.

According to media reports, Sri Lanka, which is suffering from a severe economic crisis, has requested a loan of 3 billion dollars from the IMF, on which a team of the World Financial Institution is present in Sri Lanka for negotiations.

IMF officials will announce the staff-level agreement on Thursday, after which the IMF's executive board will approve the agreement.

Sri Lankan Central Bank Governor Nandalal Weerasinghe said in a statement in this regard that there has been very positive progress in the negotiations with the IMF and we hope to cross the milestone of staff level agreement with the World Financial Institution very soon. 

The Governor of the Central Bank said that the IMF agreement will bring important reform policies which will improve the country's economy.

He said that it is a difficult process for the nation to get out of the current crisis, but we are hopeful to get out of it soon.