Sri Lanka signs preliminary loan agreement with IMF

Sri Lanka, facing its worst economic crisis in history, has reached a preliminary agreement with the International Monetary Fund (IMF). Four sources with direct knowledge of the matter said Sri Lanka and the International Monetary Fund (IMF) had reached a preliminary agreement to provide emergency loans to the crisis-hit country, with a formal announcement to be made on Thursday. The island nation, struggling with its worst economic crisis in more than seven decades, had asked the IMF for up to $3 billion.