IMF approves emergency financing for Sri Lanka after Cyclone Ditwah

COLOMBO (Xinhua/RSS): The Executive Board of the International Monetary Fund (IMF) approved an emergency financing of 206 million U.S. dollars for Sri Lanka. 

According to a press release from the IMF on Friday, in a bid to help it address urgent needs following Cyclone Ditwah, the disbursement is made under the Rapid Financing Instrument, and is equivalent to 26 percent of Sri Lanka's quota. It noted that the emergency support is intended to help preserve macroeconomic stability while the country responds to the immediate economic fallout from the disaster.

IMF Deputy Managing Director and Acting Chair Kenji Okamura said the cyclone has created urgent humanitarian and reconstruction needs in Sri Lanka, generating significant fiscal pressures and balance-of-payments needs. The emergency financial support from the IMF is expected to address these pressures.

Commending the Sri Lankan government for its swift response in the face of disaster, Chair Okamura said the IMF stands with the people of Sri Lanka during this difficult time and will continue to support Sri Lanka's recovery and reconstruction efforts.