WASHINGTON: The International Monetary Fund (IMF) approved a $2.9 billion loan package for Sri Lanka on Monday, almost a year after the country defaulted on its foreign debt amid a deep economic crisis.
The vote by the Fund’s executive board — first announced by Sri Lankan President Ranil Wickremesinghe — clears the way for the release of funds and kicks off a four-year program designed to shore up the Sri Lankan economy.
It comes shortly after China, the country’s largest bilateral creditor, agreed to restructure its loans to the South Asian country.
More to come…
