IMF will help Sri Lanka sail through, is interested in working with President Dissanayake

Colombo: A new government has come to power in Sri Lanka. The International Monetary Fund seems excited to work with the government led by President Dissanayake. The International Monetary Fund (IMF) said on Tuesday that it is excited to work with the new government led by Sri Lankan President Anura Kumara Dissanayake. It will soon discuss the timing of the next review of the country's loan program.

The IMF said in the statement that we look forward to working closely with President Dissanayake and his team to build on the hard-earned achievements that have helped Sri Lanka emerge from one of its worst economic crises in 2022.

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IMF had stopped the relief fund

The government led by former President Ranil Wickremesinghe was in talks with the IMF to release the third tranche of US$2.9 billion when the presidential election was announced in July. The disbursement of about US$360 million was expected after the third review, which the IMF put on hold until after the end of the election last weekend. The Washington-based institute said that we will discuss with the new administration as soon as possible the timing of the third review of the IMF-backed program.

Dissanayake becomes the new President of Sri Lanka

In Sri Lanka, Marxist leader Anura Kumara Disanayake was sworn in as the new President of Sri Lanka on Monday and with this a new government was formed. After getting help from the IMF, India has also provided assistance of four billion dollars between 2022 and 2023 to this island nation facing economic crisis.

what is the IMF

IMF is an international organization. Its full name is International Monetary Fund. This organization works to provide relief funds to member countries. That is, it helps any country to overcome economic crisis. It gives them loans. So that the said country can rise above those adverse circumstances and become a strong nation. International Monetary Fund or IMF is an organization with 190 member countries. Basically, IMF works to achieve sustainable development and prosperity for all its 190 member countries.

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The IMF does this by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increasing productivity, job creation, and economic welfare. The IMF is governed by and accountable to its member countries.