IMF announces $1.5 bn loan for Sri Lanka

The IMF has agreed a $1.5 billion loan for Sri Lanka in support of economic reforms aimed at reversing a two-decade decline in tax revenue and reviving growth, it said Friday. The International Monetary Fund's chief for Sri Lanka, Todd Schneider, said a staff-level agreement was reached to release $1.5 billion over a three-year period in support of the island's reform agenda. "This agreement will be subject to completion of prior actions and approval by the IMF’s Executive Board, which is