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Sri Lanka Reportedly Reaches Staff Level Agreement with IMF
March 22, 2024
Sri Lanka is said to have reached a staff level agreement with the IMF for the release of the next loan tranche from the $3bn IMF bailout program, according to sources. The staff-level agreement is subject to certain provisions and IMF officials are scheduled to meet at 3pm today in Colombo, the sources added. The payout, however, will require approval from the IMF executive board and is also dependent on the country’s progress on debt restructuring. Yesterday, it was reported Sri Lanka and its creditors are set to begin restructuring talks from next week.
Sri Lanka’s bonds were trading higher with its 6.125% 2025s up at 58.1 cents on the dollar.
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