Sri Lanka has received the first tranche of an IMF bailout program, President Ranil Wickremesinghe told parliament. | Reuters
COLOMBO – Sri Lanka has received the first tranche of an IMF bailout program, President Ranil Wickremesinghe told parliament on Wednesday.
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.“This sets the stage for Sri Lanka to have better fiscal discipline and improved governance,” Wickremesinghe said. The IMF bailout is expected to catalyze 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.
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