The South Asian country is grappling with its worst financial crisis in decades and the IMF's decision will allow an immediate disbursement of a $333 million loan over four years.
Krishna Srinivasan, director of the IMF's Asia and Pacific department, told CNBC Sri Lanka has been "hit hard by catastrophic economic and humanitarian crisis."
, paving the way for the country's crisis-stricken economy to restructure its debt, and for the economy to improve in 2024.
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