The International Monetary Fund (IMF) has approved a nearly $3 billion bailout for Sri Lanka, which could help the country unlock up to $7 billion more from other lenders such as the World Bank and the Asian Development Bank.
for Sri Lanka, which could help the country unlock up to $7 billion more from other lenders such as the World Bank and the Asian Development Bank.MARCH 31: Demonstrators march to President Gotabaya Rajapaksa's private residence to protest over worsening economic conditions.
MAY 18: Sri Lanka falls into default after a 30-day grace period on a $78 million coupon payment expires. JULY 15: Parliament accepts Gotabaya Rajapaksa's resignation. Ranil Wickremesinghe, a six-time prime minister, is sworn in as acting president.AUG 9: The country's power regulator approves a 75% hike in power tariffs.NOV 14: Sri Lanka's budget lays down several measures, including reducing the government's deficit in its efforts to secure the IMF bailout.
FEB 8: Sri Lanka's economy is expected to grow again from the end of this year and the government hopes the country will emerge from an economic crisis by 2026, the president said, as hundreds protested a rise of up to 36% in income taxes amid high inflation.FEB 21: Government data shows Sri Lanka's National Consumer Price Index eased year-on-year to 53.2% in January, after a 59.2% rise in December.
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