IMF approves Rs 3000 crores loan for India's THIS bankrupt neighbour after fourth review, it is..

The IMF has completed the fourth review of Sri Lanka's $ 2.9 billion bailout programme, allowing the country to draw a $ 350 million tranche from the four-year facility. Amid the island's unprecedented economic crisis, the International Monetary Fund (IMF) in March 2023 approved a nearly $ 3 billion facility to assist Sri Lanka's efforts to durably restore macroeconomic stability by restoring fiscal and debt sustainability.

The facility helped Sri Lanka revive its bankrupt economy by building its reserves and successfully negotiating debt restructuring with external creditors. The Executive Board of the International Monetary Fund (IMF) completed the Fourth review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR254 million (about $ 350 million)," the global lender said in a statement.

This brings the total IMF financial support disbursed so far to SDR1.27 billion (about $ 1.74 billion). FY25 stock market performance, Nifty FY25 returns, Sensex FY25 performance, Nifty Midcap 100 gains, Nifty Smallcap 100 returns, gold price surge FY25, rupee depreciation FY25, Indian equity market trends, foreign portfolio investors selling, FPI outf

India's forex reserves dip by $1.01 bn to $697.93 bn in week to June 20. The reforms that were imposed on the IMF's insistence have led to economic hardships, which the global lender said were a must to ensure growth and stability. The unpopular measures led to the change of government in 2024. The current government led by the National People's Power, which had been critical of the IMF-prescribed reforms and had vowed to review them, continues to stay on course with the IMF programme.

(Except for the headline, this story has not been edited by DNA staff and is published from PTI)