IMF approves USD 206 million emergency funding for cyclone-hit Sri Lanka's recovery
Colombo (PTI): 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.
ALSO READ: PM arrives in Kolkata to unveil projects, address rally in Bengal''s Nadia
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 USD 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.
"An IMF mission team will visit Sri Lanka in early 2026 to resume discussions,” it added.
The 48-month extended fund facility deal with the IMF in March 2023 carried hard reforms to Sri Lanka's welfare-based governance.
It was signed after Sri Lanka plunged into an unprecedented economic meltdown with its first-ever sovereign default.
Several hours before the IMF decision, the parliament here approved without a vote a supplementary estimate of LKR 500 billion, which the government said was required to restore the livelihoods of those affected by the disaster.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
On Good Friday, Goa CM calls for following Christ’s teachings
Panaji (PTI): Goa Chief Minister Pramod Sawant on Friday urged people to reflect on the sacrifice of Jesus Christ and the values of love and redemption on the solemn occasion of Good Friday.
In a post on X, Sawant said the teachings of Jesus Christ on compassion, forgiveness and selflessness should continue to guide people towards peace and righteousness.
“On this solemn occasion of Good Friday, let us reflect on the sacrifice of Lord Jesus Christ and the values of love and redemption he stood for,” the chief minister said in the post.
He said Christ’s message of love, compassion and forgiveness continues to remain relevant and inspires society to follow the path of peace and righteousness.
Good Friday marks the crucifixion of Jesus Christ and is observed by Christians across the world as a day of prayer, reflection and remembrance. The coastal state of Goa has a sizeable population of Christians.
