Sri Lanka will get the first $330 million tranche of the International Monetary Fund's bailout in the next two days, the global lender said on Tuesday, putting the onus on the cash-strapped nation to rein in its debt to sustainable levels.
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 island nation into its worst financial crisis in seven decades.for Sri Lanka with the endorsement expected to catalyse additional external support for the country to the tune of $3.75 billion from the likes of the World Bank, the Asian Development Bank and other lenders.
Half of the families in Sri Lanka have been forced to reduce the portions they feed their children, according to a survey by Save the Children released this month. "But now we have to patiently focus on very difficult reforms going ahead. We have to continue to work together to rebuild Sri Lanka's economy and move it towards recovery," he said in a statement late on Monday.was down 0.6% as of 0629 GMT, while the Sri Lankan rupee strengthened 6.45% against the dollar.
The island nation aims to announce a debt-restructuring strategy in April and step up talks with commercial creditors ahead of an IMF review of the bailout package in six months, its central bank governor told Reuters earlier this month.
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