In view of delay in assurance from bilateral creditors so as to fulfil the criteria of getting a bailout package of USD 2.9 Billion from the IMF, Sri Lanka is in talks with the World Bank and the Asian Development Bank to obtain loans worth of USD 1.9 billion.
According to the Governor of the Bank of Sri Lanka P. Nandalal Weerasinghe Sri Lanka is waiting for assurances from its bilateral creditors including China and India to avail the IMF bailout package. In September, the IMF reached a staff level agreement with Sri Lanka for a bailout package.
The development came months after Sri Lanka floated the rupee, opted for a pre-emptive default on its external debt and increased interest rates sharply to tighten monetary policy. Sri Lank…
Read the full article at: https://colombogazette.com/2023/01/14/sri-lanka-has-miles-to-go-for-imf-debt-relief-and-salvaging-the-payments-crisis/