IMF agrees to provide crisis-hit S Lanka $2.9b

COLOMBO, Sept 01 (AP): The International Monetary Fund (IMF) said Thursday it has reached a staff-level agreement with Sri Lanka to provide $2.9 billion over four years to help salvage the country from its economic crisis.

An IMF team visiting Sri Lanka said in a statement that the preliminary agreement is subject to approval from the agency's management and executive board "contingent on the implementation by the authorities of prior actions, and on receiving financing assurances from Sri Lanka's official creditors and making a good faith effort to reach a collaborative agreement with private creditors."