CURRENT AFFAIRS

Detailed explanation-1: -IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about US$2.9 billion.

Detailed explanation-2: -COLOMBO, Feb 4 (Reuters) - Sri Lanka is completing the pre-requisites to unlock a $2.9 billion bailout from the International Monetary Fund (IMF) and expects rapid approval from the global lender, President Ranil Wickremesinghe said on Saturday.

Detailed explanation-3: -IMF focuses on fostering global monetary cooperation, securing financial stability, facilitating and promoting international trade, employment, and economic growth around the world.

Detailed explanation-4: -B… Argentina is the biggest debtor to the IMF, with a total outstanding debt of $42.2bn. The country has had a long and troubled relationship with the IMF, with a history of equally spectacular fall-outs and bail-outs. At the turn of the century, the IMF made $88.3bn available to bail out the country’s ailing economy.

Detailed explanation-5: -The International Monetary Fund (IMF) on Thursday approved a loan of $2.9 billion to Sri Lanka, reported Reuters.