Sri Lanka is set to implement an ambitious plan to increase its foreign reserves by at least $8.4 billion, reports The Sunday Times.
Sri Lanka hopes that the International Monetary Fund (IMF) will approve the $2.9 billion financial facility by the 20th of this month, and the World Bank has already agreed to provide $1.5 billion. The government hopes that the Asian Development Bank (ADB) will provide an aid of 1 billion dollars. 3 billion dollars expected to be raised through restructuring of selected state-owned enterprises.
Minister of State for Finance Shehan Semasinghe has also stated that he will start building foreign reserves as soon as the International Monetary Fund begins to provide parts of the extended funding facility, which is expected to be done in the next two weeks.