World Watch

Sri Lanka : Facing Economic Woes , Parliament Approves US$3 Billion IMF Bail Out Package

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Sri Lanka’s Parliament on Friday approved the much-needed USD 3 billion IMF bailout package to revive the island’s economy which was hit hard by a catastrophic economic and humanitarian crisis sparked by years of mismanagement and the raging pandemic.

Last month, the International Monetary Fund (IMF) approved the bailout programme to help Sri Lanka overcome its economic crisis and catalyse financial support from other development partners, a move welcomed by Colombo as a “historic milestone” in the critical period.

On Friday, at the end of a 3-day debate, 120 Members of Parliament in the 225-member assembly voted in its favour of the deal while 25 of them opposed it.

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