Sri Lanka will get the first $330 million tranche of an International Monetary Fund bailout in the next two days, the global lender said on Tuesday, putting the onus on the cash-strapped country to rein in its debt to sustainable levels.
Economic mismanagement coupled with the impact of the COVID-19 pandemic left Sri Lanka severely short of dollars for essential imports at the beginning of last year, tipping the island nation into its worst financial crisis in seven decades.with the endorsement expected to catalyse additional support to the tune of $3.75 billion from the likes of the World Bank, the Asian Development Bank and other lenders.
for Sri Lanka in securing the IMF bailout. Once China confirmed its backing this month, the IMF went ahead with the deal. Citizens waking up on Tuesday to news of the IMF approval, said they hoped the funds would reduce some of their burden.
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Debt-stricken Sri Lanka to receive first tranche of IMF bailout funds in two daysSri Lanka will get the first $330 million tranche of the International Monetary Fund's bailout in the next two days, the global lender said on Tuesday, putting the onus on the cash-strapped nation to rein in its debt to sustainable levels.
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Sri Lanka to receive first tranche from IMF in next two daysSri Lanka will receive the first tranche of about $330 million from the International Monetary Fund in the next two days, and, going forward, disbursements would be tied to reviews that take place every six months, an IMF official said on Tuesday.
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Wickremesinghe delivers IMF deal for Sri Lanka despite public mistrustSri Lankan president Ranil Wickremesinghe secured a nearly $3 billion bailout from the IMF that opens the door to restructuring about $58 billion of debt and receive funding from other lenders. He has done that despite a deeply unpopular government
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