By Abdullahi Lukman
The International Monetary Fund on Friday approved about $206 million in emergency financing for Sri Lanka to help address severe payment and financial pressures caused by Cyclone Ditwah.
The powerful storm, which struck on Nov. 17, has killed at least 643 people and left 183 missing, triggering widespread humanitarian needs and extensive damage across the country.
IMF Deputy Managing Director Kenji Okamura said the funding, provided under the Rapid Financing Instrument, would help Sri Lanka cope with urgent fiscal and balance-of-payments pressures arising from the disaster.
He noted that all emergency spending would comply with the Public Financial Management Act and be subject to enhanced monitoring and public reporting to ensure transparency and accountability.
Meanwhile, Sri Lanka’s parliament has approved a supplementary budget of $1.64 billion aimed at restoring livelihoods and supporting recovery and reconstruction efforts nationwide, according to the Daily Mirror.
