IMF explains Sri Lanka bailout deal in YouTube video

COLOMBO (News 1st); IMF Senior Mission Chief for Sri Lanka Peter Breuer in a video statement said after years of increasing economic problems and policy mistakes, Sri Lanka has committed to reform and rebuild.

“The IMF is here to help. The Fund has approved about $3 billion over the next four years to support Sri Lanka in this time of need,” Breuer said,

The YouTube video uploaded by the IMF used   used Sri Lankan footage recalling the grim situation the island nation faced including over the past one year that included power cuts, shortages of food and medicine and long lines for fuel.

Breuer noted significant tax cuts and delays in anticipated reforms contributed to the economic crisis.