Explore the latest developments as the IMF releases funds to Sri Lanka despite restructuring delays, aiming to aid recovery. Learn...
The International Monetary Fund released $336 million as part of a bailout loan instalment for Sri Lanka despite delays in the crucial restructuring of its foreign debt, including to China, the Washington-based lender said Wednesday.
Sri Lanka defaulted on its external debt in April 2022 after the country ran out of foreign exchange to finance even essential imports such as food, fuel and medicine. The IMF board on Wednesday endorsed a staff-level agreement reached with Colombo in March to release the third tranche of a four-year $2.9 billion bailout.
"Directors stressed the importance of seeking comparable, transparent, and timely completion of restructurings with external private creditors consistent with program targets," the IMF said in a statement.China had agreed"in principle" to restructure Sri Lanka's debt in December, but neither Colombo nor Beijing had given details and the two are yet to strike a deal.
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