The International Monetary Fund (IMF) has decided to provide USD 800 million in August to Sri Lanka to boost the country’s economic strength, said Ajith Nivard Cabraal, Minister of State for Money & Capital Markets and State Enterprise Reforms. Cabraal also stated that this is a grant and not a loan to be repaid,

Because of the global coronavirus crisis, the IMF has decided to provide USD 650 billion to its member countries. Cabraal said the amount would be given to Sri Lanka under that program.

The minister recalled the IMF had made similar grants to its member countries during the global economic downturn, during which time Sri Lanka received USD 510 million under the program.

Cabraal added that the money will be used to develop the country’s economic strength, ColomboPage reported.
 
(SAM)