IMF Gives Initial Nod to Sri Lanka for $700 Million Loan Tranche

The International Monetary Fund reached a staff-level agreement with Sri Lanka, paving the way toward unlocking about $700 million in financing for the South Asian nation.

The decision follows the conclusion of a combined fifth and sixth review of Sri Lanka’s $3 billion loan program and is contingent on approval from the IMF’s executive board, the Washington-based lender said in a statement on Thursday.