IMF approves nearly $3 billion bailout for Sri Lanka

Kristalina Georgieva, managing director, said, "Sri Lanka has been facing tremendous economic and social challenges with a severe recession amid high inflation, depleted reserves, an unsustainable public debt, and heightened financial sector vulnerabilities.

Institutions and governance frameworks require deep reforms. For Sri Lanka to overcome the crisis, swift and timely implementation of the EFF-supported program with strong ownership for the reforms is critical."

"It is now essential to continue the reform momentum under strong ownership by the authorities and the Sri Lankan people more broadly," Peter Breuer and Masahiro Nozaki, Senior Missionn Chief and Mission Chief for Sri Lanka said.

"It is now important for the Sri Lankan authorities and creditors to closely coordinate and make swift progress towards a debt treatment that restores debt sustainability under the EFF-supported program," they were quoted as saying.

Lastly, the statement further said that there is great emphasis on Sri Lankan authorities and creditors to closely coordinate and make swift progress towards a debt treatment that restores debt sustainability under the EFF-supported program.