Sri Lanka has secured a $2.9bn (£2.3bn) bailout from the International Monetary Fund (IMF) as it faces its worst economic crisis since independence, according to BBC.
The deal has been nearly a year in the making and is a lifeline for the country that has billions of dollars in loans, the BBC report said.
Foreign minister Ali Sabry told the BBC the government will raise funds by restructuring state-owned enterprises and privatising the national airline.
However, analysts warned Sri Lanka still faces a tough road ahead.
The country's economy has been hit hard by the pandemic, rising energy prices, populist tax cuts and inflation of more than 50%, the report added.
A shortage of medicines, fuel and other essentials also helped to push the cost of living to record highs, triggering nationwide protests which overthrew the ruling government in 2022.
As a result, the country defaulted on its debts with international lenders last May for the first time in its history.