Sri Lanka will get the first $330 million tranche of the International Monetary Fund’s bailout in the next two days, the global lender said, putting the onus on the cash-strapped nation to rein in its debt to sustainable levels. | Reuters
“Sri Lanka is no longer deemed bankrupt by the world,” Wickremesinghe said in a video statement released by his office. “The loan facility serves as an assurance from the international community that Sri Lanka has the capacity to restructure its debt and resume normal transactions.”
Shehan Semasinghe, Sri Lanka’s state minister of finance, said the IMF bailout was “absolutely essential” for the country. The Colombo Stock Exchange All-Share index was down 0.6 percent as of 0629 GMT, while the Sri Lankan rupee strengthened 6.45 percent against the dollar.Bonds were up by 0.73 cents to 1.50 cents across tenors, with the March 2029 bond leading the gains.
Going forward, Sri Lanka’s disbursements from the bailout package would be tied to reviews that take place every six months, Breuer said, adding that the IMF has not set any growth target but has put in place an inflation band of 12-18 percent for the country to achieve by end of 2023.Securing financing assurances from China and India and all its major bilateral creditors was key to Sri Lanka’s efforts of unlocking the IMF bailout and putting its economy back on track.
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