The International Monetary Fund has agreed to extend Sri Lanka's $1.5 billi...
COLOMBO - The International Monetary Fund has agreed to extend Sri Lanka’s $1.5 billion loan program by one year and has reached staff level agreement to disburse the sixth tranche of the loan, government and diplomatic sources told Reuters on Friday.
The loan is crucial for Sri Lanka, which plans to sell up to $3 billion of bonds as early as next week and needs the IMF program to continue to ensure more attractive borrowing terms. Two government officials, who were aware of the discussions between the global lender and Sri Lankan authorities, also confirmed the agreement with IMF.The IMF declined to comment in response to a Reuters’ email query, but said it will issue a press release later.
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