Sri Lanka secures $1.52 billion in foreign financing By Bandula Sirimanna View(s): View(s):Sri Lanka has secured new external financing amounting to around US$1.52 billion by entering into 13 agreements with foreign development partners and lending agencies during the period January 1 to September 30, 2023, the Finance Ministry’s fiscal management report showed. The International Monetary Fund’s (IMF) extended fund facility arrangement has filled part of the external financing gap, the difference between the projected demand for and supply of foreign currency financing. A sum of $247.6 million has been secured under the Resilience, Stability, and Economic Turnaround (RESET) Development Policy Financing programme, the ministry’s latest report revealed. Accordingly the government was able to secure a substantial amount of foreign financing, amounted to$ 1,516.3 million, from January 1 to September 30, 2023It has obtained foreign financing of $1,479 million by entering into 13 agreements with foreign development partners and lending agencies during the first nine months this year. This consists of $ 333.0 million received under the IMFEFF arrangement, $350.0 million for the Economic Stabilisation programme extended by the ADB, and $495.6 million for RESET Development Policy Financing.

Source: Sunday Times December 03, 2023 14:55 UTC