Sri Lanka expects final approval from the International Monetary Fund for a $2.9 billion loan in the third or fourth week of this month
The country of 22 million people is struggling with its worst economic crisis since independence from Britain in 1948. President Ranil Wickremesinghe told parliament there were signs the economy was improving but there was still insufficient foreign currency for all imports, making the IMF deal crucial so other creditors could also start releasing funds. “Sri Lanka has completed all prior actions that were required by the IMF,” Wickremesinghe said.
Sri Lanka’s rupee hit a mid-rate of 325 on Tuesday, appreciating 12%, analysts said, against the central bank-set spot rate of 337.67. The appreciation was driven by better dollar inflows from tourism and remittances, positive sentiment over imminent approval of an IMF deal and a downturn in imports, analysts said.
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