The International Monetary Fund (IMF) announced that it is reviewing Sri Lanka’s request for $200 million in emergency financing following the devastating impact of Cyclone Ditwah.
Evan Papageorgiou, IMF mission chief for Sri Lanka, stated that the government had applied for financial assistance under the Rapid Financing Instrument (RFI), totaling 150.5 million Special Drawing Rights (SDR), equivalent to about $200 million or approximately 26% of Sri Lanka’s IMF quota, News.Az reports, citing foreign media.
Papageorgiou confirmed that the request is currently under consideration and subject to approval by the IMF’s Executive Board.
The cyclone, which struck the island nation earlier this week, caused widespread destruction and has led to significant humanitarian and economic challenges. The IMF extended its deepest sympathies to the people of Sri Lanka and reaffirmed its commitment to supporting the country’s recovery.
“The IMF remains closely engaged with Sri Lankan authorities during this challenging period and is committed to supporting the country as it undertakes urgent efforts to recover, rebuild, and promote resilience for the future,” Papageorgiou added.
The RFI is designed to provide swift financial assistance to member countries facing urgent balance-of-payments needs, including those caused by natural disasters. However, approval from the IMF Executive Board is required before the funds can be disbursed.
As of Friday, the death toll in Sri Lanka from Cyclone Ditwah has risen to 607, with 214 people still missing. The UN reported similar devastation in neighboring countries, with 185 deaths in southern Thailand, 367 people still missing, and four deaths in India and three in Malaysia due to severe weather conditions.