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IMF Approves a Loan to Sri Lanka

Published on September 02, 2022
Current Affairs: The International Monetary Fund (IMF) and Sri Lanka reached a preliminary agreement on a four-year, $2.9bn bailout package.
IMF Approves a Loan to Sri Lanka
  • The loan is aimed at restoring economic stability and debt sustainability for Sri Lanka.
  • The 48-month program will introduce major tax reforms including broadening the tax base for corporate income tax and VAT and making the income tax more progressive.
  • The announcement of the agreement comes at a time when the Headline Inflation rose to 64.3% in August 2022, while Food Inflation soared to 93.7%.
  • Sri Lankan currency, the rupee, has also depreciated more than 44% against the USD since January 2022.
  • The International Monetary Fund (IMF) is a United Nations agency with its headquarters in Washington DC. It primarily works to foster global monetary cooperation, secure financial stability, and facilitate international trade.

Question:

Q.1 Recently for which country did IMF announce the bailout package of $2.9bn?
a. India
b. Sudan
c. Pakistan
d. Sri Lanka

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