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Sri Lanka Poised for $2.9bn IMF Bailout; In talks to Extend $1bln Indian Credit Line
March 8, 2023
Sri Lanka expects the IMF to approve a $2.9bn loan soon as its President Ranil Wickremesinghe revealed a shortage of foreign currency for all imports amidst signs of economic recovery. The IMF board would meet on March 20 to review a preliminary staff-level agreement previously signed with Sri Lanka in September 2022. Besides, Sri Lanka is said to be in talks with India to extend a $1bn credit line due March 17, by a few months, as per Reuters’ sources. The island nation has utilized about $700mn of the $1bn credit line, mainly for medicines and food.
Sri Lanka bonds were trading higher with its 6.125% 2025s up by 0.7 points at 41.08.
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