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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.


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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