Cabinet nod to ink agreement with OPEC Fund to secure $ 50 m loan

Wednesday, 11 December 2024 00:25 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers at their meeting on Monday approved formalising the agreement with the OPEC Fund for International Development to secure a $ 50 million loan to support the country’s reform agenda, which aligns with the International Monetary Fund (IMF).

The agreement follows a request by Government to the OPEC Fund to provide financial assistance for the country’s ongoing economic reforms. The IMF has also confirmed that this loan adheres to the parameters of its monetary program currently being implemented in the country.

The funding will be directed toward structural reforms aimed at stabilising the economy and fostering sustainable growth.

The proposal to this effect submitted by President Anura Kumara Dissanayake in his capacity as the Finance, Planning and Economic Development Minister was approved by the Cabinet of Ministers.