The Sri Lankan authorities have requested a $200 million financing facility under the IMF’s Rapid Financing Instrument (RFI), the International Monetary Fund (IMF) said.
The request is currently under review, subject to approval by the IMF’s Executive Board, the IMF’s Sri Lanka Mission Chief said in a statement.
The IMF’s Country Director for Sri Lanka, Evan Papagou, said the storm, one of the most destructive storms to hit Sri Lanka in recent years, has damaged infrastructure and displaced thousands, and expressed concern about the situation.
The request requires approval by the IMF’s Executive Board, which is expected to assess the scale of the disaster’s economic fallout and the government’s broader fiscal position.
“The IMF is working closely with the Sri Lankan authorities during this challenging period,” said Evan Papagou in a statement.
The request comes as Sri Lanka continues to grapple with a protracted economic crisis marked by depleted foreign reserves, high inflation, and high debt.