IMF Reviews Emergency Aid Request from Sri Lanka
Evan Papageorgiou, the IMF mission chief for Sri Lanka, stated that the government had sought financial support under the Rapid Financing Instrument (RFI), amounting to 150.5 million Special Drawing Rights (SDR). This sum corresponds to roughly 26% of Sri Lanka’s IMF quota, or approximately $200 million.
Papageorgiou noted, "This request is currently under consideration and subject to approval by the IMF’s Executive Board."
The cyclone, which struck earlier this week, inflicted widespread damage across the island nation, resulting in severe humanitarian and economic difficulties.
Papageorgiou expressed solidarity with those affected, saying, "In the wake of the devastating impact and widespread destruction caused by Cyclone Ditwah, we extend our deepest sympathies to the people of Sri Lanka."
The IMF also reiterated its dedication to aiding the country’s recovery and strengthening future resilience.
"The IMF remains closely engaged with Sri Lankan authorities during this challenging period and is committed to supporting the country as it undertakes urgent efforts to recover, rebuild, and promote resilience for the future,” the statement emphasized.
The Rapid Financing Instrument is specifically designed to deliver prompt financial support to member nations confronting urgent balance-of-payments pressures, including those triggered by natural disasters.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
