Posted 12/13/2023, 5:02:00 AM
Sri Lanka Passes First IMF Review, Unlocking $337 Million in Bailout Funds But Faces Hurdles on Debt and Reforms
- Sri Lanka's $2.9 billion IMF bailout cleared first review, providing $337 million in funds
- IMF delegation to visit Sri Lanka in March, second review could be finalized in 2 months
- Sri Lanka needs to reach debt restructuring agreements with creditors like China, Japan, India
- IMF projects Sri Lanka's economy will contract 3.6% in 2022, grow 1.8% in 2024 as it recovers
- Sri Lanka needs to raise tax revenue, reform state enterprises, build reserves to stay on IMF path