Colombo: The Executive Board of the International Monetary Fund (IMF) has approved a disbursement of approximately $206 million for Sri Lanka. This emergency support aims to address the financial hardships and payment challenges following the catastrophic impact of Cyclone Ditwah.
According to Anadolu Agency, Cyclone Ditwah has resulted in a death toll of 643 people in Sri Lanka, with 183 individuals still reported missing since the cyclone hit on November 17. The IMF's intervention under the Rapid Financing Instrument (RFI) is intended to alleviate the fiscal pressures and balance-of-payments needs generated by the disaster, as stated by IMF Deputy Managing Director Kenji Okamura.
The IMF emphasized that all emergency spending will adhere strictly to the Public Financial Management Act, with enhanced monitoring and regular public reporting to ensure transparency and accountability. The organization highlighted that the recovery and reconstruction efforts required after the cyclone will be substantial.
In addition to the IMF's support, the Sri Lankan parliament has approved a supplementary estimate of $1.64 billion. This approval is directed at restoring the livelihoods of those affected by the cyclone throughout the country, as reported by the Daily Mirror.