LONDON - The executive board of the International Monetary Fund is not expected to formally approve Sri Lanka’s US$2.9 billion bailout before year-end, a key step required for the embattled country to receive funding, two sources familiar with the matter said.
Sri Lanka has to secure prior financing assurances from creditors, put its heavy debt burden on a sustainable path and increase public revenue before the global lender will disburse the funds. The IMF stressed the importance of joint talks involving three of Sri Lanka’s main bilateral creditors - China, Japan and India.
In response to an inquiry, Sri Lanka’s finance ministry said it is “100 per cent focused” on securing IMF approval.
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