Crisis-hit Sri Lanka has reached a preliminary agreement with the International Monetary Fund (IMF) for a loan of about $2.9 billion, the global lender said in a statement on Thursday.

"IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka's economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about $2.9 billion," the IMF said in the statement.

The agreement is subject to the approval by IMF management and its executive board.

Sri Lankan President Ranil Wickremesinghe described the agreement as "an important step" in the country's history, according to a statement released by president's media office on Thursday.

"Not only rising from the bankruptcy crisis and the debt moratorium, it is also key to ensure that our social sectors are protected and both our economic and social aspect of our lifestyles will certainly not have any further setbacks," said Wickremesinghe.

Sri Lanka has been seeking up to $3 billion from the global lender in a bid to escape its economic crisis with shortages of foreign exchange, fuel and other essential supplies.

The country defaulted on its $51 billion foreign debt in April.

"Debt relief from Sri Lanka's creditors and additional financing from multilateral partners will be required to help ensure debt sustainability and close financing gaps," the IMF added.