LONDON, Dec 13 (Reuters) – The executive board of the International Monetary Fund is not expected to formally approve Sri Lanka’s $2.9 billion bailout before year-end, a key step required for the embattled country to receive funding, two sources familiar with the matter said.
Seeking a way out of its worst economic crisis in decades, Sri Lanka reached an IMF staff-level agreement in June with the deal subject to approval and contingent on Sri Lanka authorities following through with previously agreed measures.
The IMF’s online board calendar, which has added meetings through Dec. 22 to discuss progress and new tranches for a number of emerging economies, makes no mention of Sri Lanka.
The IMF’s online board calendar, which has added meetings through Dec. 22 to discuss progress and new tranches for a number of emerging economies, makes no mention of Sri Lanka.
In response to an inquiry, Sri Lanka’s finance ministry said it was “100% focused” on securing IMF approval.
“We are taking every necessary policy step to secure financing assurances from our bilateral creditors as quickly as possible,” the ministry said in an emailed statement.
