The International Monetary Fund says that economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago
The economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago, the International Monetary Fund said Thursday. The country's inflation has come down from a peak of 70% in 2022 to 5.9% last month and its economy expanded in the second half of last year following a year and a half of contraction, the IMF said. Sri Lanka's year-on-year economic expansion in the third quarter of 2023 was 1.6% and in the fourth quarter 4.
The country has received two payments so far, and also has receiving promises of debt forgiveness from major creditors like India, Japan and China. The government also is in talks with private creditors. On Wednesday, the IMF said that a team of its officials had reached an agreement with Sri Lankan authorities on the second review of economic reforms.
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