• The IMF on September 1 announced a staff-level agreement with Sri Lanka, months after the island nation’s economic crisis intensified this year.
  • The IMF’s External Fund Facility is conditional on many factors. Sri Lanka must take a series of immediate measures to fix fiscal lapses and structural weaknesses — such as raising fiscal revenue, safeguarding financial stability and reducing corruption vulnerabilities.
  • The IMF package will make Sri Lanka credit-worthy again, allowing the government to borrow once again.