COLOMBO: Sri Lanka will receive the first tranche of about US$330 million from the International Monetary Fund in the next two days, and, going forward, disbursements would be tied to reviews that take place every six months, an IMF official said on Tuesday (Mar 21). The IMF on Monday said its executive bo
COLOMBO: Sri Lanka will receive the first tranche of about US$330 million from the International Monetary Fund in the next two days, and, going forward, disbursements would be tied to reviews that take place every six months, an IMF official said on Tuesday .
Economic mismanagement coupled with the impact of the COVID-19 pandemic left Sri Lanka severely short of dollars for essential imports at the start of last year, tipping the country into its worst financial crisis in seven decades. Widespread protests over economic mismanagement, acute shortages of food, fuel and medicines, and runaway inflation forcedRajapaksa was replaced by Wickremesinghe as president. He has implemented tough spending cuts and tax hikes in an attempt to secure the IMF assistance.
Wickremesinghe had said after China agreed to restructure its loans that he expected the first tranche of the IMF package would be made available within the month. The government has already doubled taxes, increased energy tariffs threefold and slashed subsidies in an effort to meet the preconditions of the IMF bailout.
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