Sri Lanka and the IMF on Thursday reached a preliminary agreement on a bailout package as the bankrupt island nation tries to rebuild trust with lenders and find a way out of a crippling economic crisis that toppled its President.

The deal, which still requires final approval from the IMF.’s executive board, would extend an emergency loan worth $2.9 billion in return for an overhaul of the country’s economy to reduce its fiscal deficits.

The assistance would also be conditioned on engagement by Sri Lanka with creditors like Japan, China and India to restructure its huge foreign debt, on which the country defaulted this year.

“Financing assurances to restore debt sustainability from Sri Lanka’s official creditors and making a good-faith effort to reach a collaborative agreement with private creditors are crucial before the IMF. can provide financial support to Sri Lanka,” the organisation said in a statement announcing the staff-level agreement on the loan under a 48-month arrangement.

Sri Lanka’s debt crisis reached a climax in the spring, as the South Asian nation of 22 million ran out of foreign reserves for essential imports such as fuel and medicine.

After months of sustained protests, President Gotabaya Rajapaksa was forced out in July.