COLOMBO: Sri Lanka expects final approval from the International Monetary Fund (IMF) for a $2.9 billion loan in the third or fourth week of this month, the president said on Tuesday, adding that new support from China means all funding requirements had been met.
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. He said the Export-Import Bank of China had sent “a new letter” on Monday, and he and the central bank governor had sent a letter of intent to the IMF.