It's been nearly a year in the making and is a lifeline for the country that has billions of dollars in loans.
The country defaulted on its debts with international lenders in May, for the first time in its history.
We have lived beyond our means. "These difficult measures, which may be very unpopular, need to be taken," Mr Sabry said in an interview before funding was announced.
Most people other than politically motivated unions have understood that. "I understand that they are not happy, but they also understand that we have no choice," said Sabry.
The big tax cuts that the former Sri Lankan president Gotabaya Rajapaksa introduced in 2019 have resulted in a loss of more than $1.4 billion a year of government income.
The IMF said Sri Lanka had secured financing from all its major creditors, including China and India, which paved the way for the bailout.
We have the will to pay, but we don't have the capacity to pay. He said that we are trying to get that capacity back, and that is what we are trying to do.
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