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Sri Lanka to get access to USD 337 million from IMF to stabilise economy
The Daily Guardian
|December 14, 2023
The IMF Executive Board has completed the first review under the 48-month Extended Fund Facility with Sri Lanka, providing the cash-strapped country with access to about USD 337 million to restore macroeconomic stability and debt sustainability.
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Announcing this, Peter Breuer, Senior Mission Chief for Sri Lanka also said that the debt restructuring with China was concluded on a strictly confidential basis for the International Monetary Fund (IMF) to conclude its first review of the USD 2.9 billion bailout.
China holds 52 per cent of Sri Lanka's total debt.
"The Chinese agreement in principle was very good news in Sri Lanka's debt restructuring talks. We have seen a summary of the key financial terms of the agreement shared by authorities on a strictly confidential basis," Breuer told reporters on Tuesday.
The IMF late Tuesday concluded the review and approved the release of the second tranche worth USD 337 million to the island nation, bringing the value of disbursements to USD 670 million in the four-year facility.
यह कहानी The Daily Guardian के December 14, 2023 संस्करण से ली गई है।
हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।
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