Sri Lanka seeks $100-mn IMF loan to procure Covid Vaccine

September 23, 2021

Sri Lanka is seeking for a $100 million loan from the International Monetary Fund (IMF) in order to procure 14 million doses of the Pfizer Covid-19 vaccine.

Highlights

With this loan, Sri Lanka would also finance other vaccination programme related costs.
This proposal was put forward by the Minister of Health Keheliya Rambukwella.
Sri Lanka will get the additional loan grant under the “programme of strategic preparation and response to Covid-19”.
IMF has already agreed to grant a supplementary loan of $100 million to assist Covid-19 response in the country.

Vaccination Programme in Sri Lanka

Sri Lanka has vaccinated over 50 per cent of the 21 million population, as of now. Government has targeted to vaccinate over 75 per cent of the population within next few months. According to the public health inspectors, those below the age of 30 are reluctant to get vaccinated. Only about 35 per cent of them had received the vaccine as of September 20.

International Monetary Fund (IMF)

IMF is an international financial institution. Its headquarter is in Washington, D.C. It comprises of 190 countries that seeks to “work together in order to foster global monetary cooperation, facilitate international trade, secure financial stability, promote high employment & sustainable economic growth, and reduce poverty across the world. It was established in 1944 and came into formal existence in 1945. IMF plays a key role in managing the balance of payments difficulties as well as international financial crises.