- 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
