Sri Lanka will receive the first tranche of about $330 million from the International Monetary Fund in the next two days and disbursements would now be tied to reviews that take place every six months, an IMF official said
for Sri Lanka, and the office of the country's president said the programme will enable it to access up to $7 billion in overall funding.
Peter Breuer, Senior Mission Chief for Sri Lanka, Asia and Pacific Department at IMF, said debt sustainability was one of the key criteria for the IMF to approve a bailout for any economy. The programme is expected to catalyse additional external support, with funding from the World Bank and Asian Development Bank to the tune of $3.75 billion expected, IMF said in a statement.
The island nation aims to announce a debt-restructuring strategy in April and step up talks with commercial creditors ahead of an IMF review of the bailout package in six months, its central bank governor told Reuters earlier this month.
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