IMF releases 3rd tranche of loan to Sri Lanka

IMF releases 3rd tranche of loan to Sri Lanka

'The IMF's approval of the 2nd review of Sri Lanka’s program is a testament to our dedication to driving forward economic reforms,' says country’s foreign minister

By Yasin Gungor

ISTANBUL (AA) - The International Monetary Fund (IMF) approved the third tranche of a loan to Sri Lanka on Wednesday.

The IMF Board convened earlier in the day to discuss the second review for the Extended Fund Facility (EFF) .

"The IMF's approval of the second review of Sri Lanka’s program is a testament to our dedication to driving forward economic reforms and securing a prosperous future for all Sri Lankans," Ali Sabry, country’s minister of foreign affairs, said on X.

Earlier, Finance Minister Shehan Semasinghe emphasized the importance of the IMF Board's decision.

"A favorable outcome from the review is expected to unlock the third tranche of $330 million, further enhancing confidence in our ongoing economic reforms and growth," he said.

Semasinghe also said that Sri Lanka is finalizing debt restructuring agreements with continued support from bilateral partners.

The South Asian island nation faced its worst financial crisis in decades in 2022 due to economic mismanagement and the effects of the coronavirus pandemic.

The IMF reported that Sri Lanka's public debt was at 128% of its gross domestic product (GDP) at the end of last year, which is "unsustainable."

Sri Lanka received the first $330 million tranche of the IMF's nearly $3 billion bailout In March 2023 and a second tranche of $337 million in December.

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