IMF Gives Initial Nod to Sri Lanka for $344 Million Loan Tranche

The International Monetary Fund reached a staff level agreement with Sri Lanka, paving the way toward unlocking the next tranche of funds under an existing $3 billion loan program.

The conclusion of the fourth review will give the nation access to about $344 million after approval from the IMF’s executive board, the Washington-based lender said in a statement on Friday.

This comes after the multilateral agency earlier delayed dispersing funds to Sri Lanka to asses the implications of 44% tariffs levied by the US on the South Asian nation, which are currently paused. Sri Lanka has since proposed a ...