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Crisis-hit The International Monetary Fund (IMF) and Sri Lanka have tentatively agreed on a loan amount of roughly $2.9 billion, the global lender said in a statement on Thursday.

The announcement described the 48-month-long agreement under the IMF's Extended Fund Facility, stating that its goals were to "establish macroeconomic stability and debt sustainability."

The deal is dependent on Sri Lankan authorities carrying out previously agreed-upon steps and is subject to approval by IMF management and its executive board.

In addition to requiring that attempts be made to negotiate a cooperative agreement with private creditors, the IMF also demands receiving funding guarantees from Sri Lanka's government creditors.