Amazon Quiz: The International Monetary Fund has agreed on a $2.9 Billion Bailout for which crisis hit nation?
Greece
Venezuela
Zimbabwe
Sri Lanka
Answer: Sri Lanka
The
International Monetary Fund (IMF) has agreed to a $2.9 billion dollar bail out
package for Sri Lanka. IMF, the international financial institution that works
under the aegis of the United Nations, has agreed to help the beleaguered south
Asian island after Sri Lanka ran into a debt crisis, pushing the country into
hunger and poverty.
IMF’s $2.9
billion bailout package is expected to help Sri Lanka spend more on
impoverished sections of society and ensure a certain degree of economic
stability that makes creditors and investors believe in investing in Sri Lanka.
The IMF has also sought action to raise fiscal revenue by implementing tax
reforms, introducing cost recovery-based pricing for fuel and electricity.
After the
announcement of the bailout package, Sri Lanka’s Central Bank Governor Nandalal
Weerasinghe said, “We go to the IMF asking for a loan for the coming two years
promising that we will rectify our mistakes. But we can’t go back to our old
ways of having expenses greater than the income, government lending out
concessions, and government corporations making losses as soon as this period
is over, we will have to go to the IMF again.”
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