Sri Lanka receives a $330 million tranche, the first part of a nearly $3 billion bailout approved by the International Monetary Fund on Monday
Sri Lanka defaulted on its foreign debt in April 2022 as the country plunged into its worst economic downturn since independence.
The crisis-ridden island nation was scheduled to receive a $330 million tranche, the first part of a nearly $3 billion bailout approved by the International Monetary Fund on Monday. The IMF bailout is expected to catalyse additional support to the tune of $3.75 billion from the likes of the World Bank, the Asian Development Bank and other lenders. It clears the way for Sri Lanka to rework a substantial part of its $84 billion worth of public debt.
This was the 17th IMF bailout for Sri Lanka and the third since the country's decades-long civil war ended in 2009.
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