The IMF’s board has finally backed a $3bn bailout for Sri Lanka to help the country restructure its debts and relieve a “catastrophic” economic and social crisis.
The deal on the bailout, which was first agreed in principle last September, was reached after Sri Lanka overcame resistance from China, the country’s biggest bilateral lender, earlier this month.
The country was thrown into turmoil last year after Russia’s war in Ukraine led to soaring inflation and shortages, exacerbating years of mismanagement and policy errors.
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