Sri Lanka gets $206M in IMF funds to meet flood challenges

ISTANBUL

The Executive Board of the International Monetary Fund (IMF) on Friday approved a disbursement of around $206 million for Sri Lanka, for emergency support to help address payments and financial hardships caused by the recent catastrophic Cyclone Ditwah.

The death toll from the storm in Sri Lanka has hit 643, with 183 missing since Ditwah struck Nov. 17.

"The disaster has created urgent humanitarian and reconstruction needs, generating significant fiscal pressures and balance-of-payments needs. The emergency financial support provided by the IMF under the RFI (Rapid Financing Instrument) will help address these pressures," according to a statement from IMF Deputy Managing Director Kenji Okamura.

"All emergency spending will be executed in full compliance with the Public Financial Management Act and supported by enhanced monitoring and regular public reporting in line with transparency and accountability standards," he said, adding that recovery and reconstruction needs will be substantial.

The Sri Lankan parliament also approved a supplementary estimate of $1.64 billion to restore the livelihoods of those affected by the cyclone across the country, according to the Daily Mirror.