President Ranil Wickremesinghe has welcomed the International Monetary Fund Executive Board’s approval granted for the Sri Lanka’s program under the Extended Fund Facility.

The program will allow Sri Lanka to access financing of up to 7 billion dollars from the IMF, International Financial Institutions and multilateral organizations.

This is a historic milestone for the country as the Government seeks to restore macroeconomic stability and achieve debt sustainability.

Earlier this month, Sri Lanka received IMF-compatible financing assurances from its official creditors, including Paris Club members, India and China, allowing the IMF to convene an Executive Board and consider Sri Lanka’s request for a loan.

The program is expected to provide much-needed policy space to drive the economy out of the unprecedented challenges and instill confidence amongst all the stakeholders.

State Finance Minister Shehan Semasinghe said President Ranil Wickremesinghe will address the nation today on the major breakthrough of securing 3 billion dollar support from the International Monetary Fund yesterday.