The International Monetary Fund approved the second review of Sri Lanka's $2.9 billion bailout, the IMF and Sri Lanka's government said on Wednesday, and said the approval will pave the way for the release of about $337 million.
FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas/File PhotoThe International Monetary Fund approved the second review of Sri Lanka's $2.9 billion bailout, the IMF and Sri Lanka's government said on Wednesday, and said the approval will pave the way for the release of about $337 million.
After defaulting on its debt two years ago, the country has been struggling to emerge from the crisis. The economy contracted by 2.3 per cent last year. The economy is starting to recover, inflation remains low, revenue collection is improving, and reserves continue to accumulate, the IMF said on Wednesday.
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