The emergency financial support provided by the IMF under the rapid finance instrument will help address these pressures, it said
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The IMF has approved an emergency funding of USD 206 million under its rapid finance instrument to help Sri Lanka address the urgent needs arising from the catastrophic Cyclone Ditwah and preserve macroeconomic stability”. The cyclone caused widespread destruction in the island nation and left over 643 people dead.
In a statement issued on Friday, the Washington-based International Monetary Fund (IMF) said the disaster has created urgent humanitarian and reconstruction needs, generating significant fiscal pressures and balance-of-payments needs. The emergency financial support provided by the IMF under the rapid finance instrument will help address these pressures, it said.
The IMF added that the cyclone devastation hit when the Fifth Review of Sri Lanka’s $2.9 billion bailout was nearing completion. “Given the time needed to assess the economic impact of the cyclone and examine how an IMF-supported programme can best support Sri Lanka’s recovery and reconstruction efforts while preserving objectives and policy priorities, the Fifth Review has been deferred,” it said.
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