IMF approves emergency financing for Sri Lanka after Cyclone Ditwah

The Executive Board of the International Monetary Fund (IMF) on Friday approved an emergency financing of 206 million U.S. dollars for Sri Lanka, in a bid to help it address urgent needs following Cyclone Ditwah, according to a press release.The IMF said the disbursement is made under the Rapid Financing Instrument, and is equivalent to 26 percent of Sri Lanka's quota. It noted that the emergency support is intended to help preserve macroeconomic stability while the country responds to the immediate economic fallout from the disaster.IMF Deputy Managing Director and Acting Chair Kenji Okamura said the cyclone has created urgent...