Sri Lanka to receive IMF bailout amid economic crisis
Sri Lanka will receive the first tranche of its $330 million (€307.51 million) bailout in the next two days, the International Monetary Fund (IMF) said on Tuesday.
Sri Lanka received a much-needed economic boost after the IMF approved a $3 billion bailout for the cash-strapped country on Monday.
The country’s economy was in dire straits due to economic mismanagement, compounded by the impact of the COVID-19 pandemic.
The loan, which had been delayed for some time, was approved after China, Sri Lanka’s biggest bilateral creditor, offered guarantees of debt relief.
Source: DW
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