The island nation is expecting the go-ahead from the Executive Board of the IMF for its Extended Fund Facility arrangement before the end of this month.
Speaking in Parliament, President Ranil Wickremesinghe said that they are expecting IMF to do its duty by the fourth week of this month.
"We received the letter of financial assurance from the Exim Bank of China last night. Accordingly, on the same night, I and the Governor of the Central Bank signed the letter of intent and forwarded it to the IMF," Wickremesinghe told Parliament.
"After that, we get the first round of money from the World Bank and ADB."
Wickremesinghe further said that after receiving the approval of the IMF, he is ready to table the agreement and bring a resolution asking the Parliament to accept it.
"After that, we bring a new draft about the way forward.
I will also give it to the National Assembly. I will present a long-term and medium-term plan after the parliament has discussed and reached an agreement on it," he said.
"Unlike the previous 16 occasions with the IMF, this time every task that is agreed upon must be performed without deterioration. Otherwise, the IMF will not work with Sri Lanka.