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Sri Lanka and IMF Fail to Reach an Agreement Over Next Bailout Tranche
September 28, 2023
Sri Lanka and the IMF failed to reach a staff-level agreement that would have allowed the latter to disburse the next tranche of funds, i.e., $333mn, under the $3bn lending program deal. Sri Lanka’s measures to improve tax and revenue collection had fallen short of IMF’s expectations, the multilateral lender said. The IMF added that its team will continue discussions with the goal of reaching a staff-level agreement in the near future. Sri Lanka is also in the process of restructuring its foreign and domestic debt, another condition of continuing with the IMF program. Its total debt, both foreign and domestic debt, amounted to about $42bn each as of end-2022. In addition, progress on the negotiations has been slowed in part owing to tensions between its creditors.
Sri Lanka’s dollar bonds continued to trade at distressed levels with its 6.85% 2025 trading at 48.5 cents to the dollar
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