The Sri Lankan government has formally requested a loan from the OPEC Fund for International Development to support the country’s comprehensive reform agenda, aligned with the Extended Fund Facility (EFF) program initiated in collaboration with the International Monetary Fund (IMF).
The OPEC Fund has agreed to provide a policy-based loan of $50 million. This financial assistance has been endorsed by the IMF, which confirmed that the loan complies with the framework of its ongoing program in Sri Lanka.
In a bid to advance the reform agenda and stabilize the nation’s economy, the Cabinet has approved a proposal submitted by the President, acting in his capacity as the Minister of Finance, Planning, and Economic Development, to finalize and enter into the loan agreement with the OPEC Fund.
The funds are expected to play a critical role in implementing reforms aimed at fostering economic recovery and sustainable development in Sri Lanka.
