COLOMBO, Sri Lanka — The economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago, the International Monetary Fund said Thursday.
Sri Lanka's year-on-year economic expansion in the third quarter of 2023 was 1.6% and in the fourth quarter 4.5%, the IMF said. Sri Lanka turned to the IMF for help to rescue the economy and secured a bailout package last year. Under the current four-year bailout program, the IMF is to disburse $2.9 billion in tranches after biannual reviews of whether the country is imposing needed economic reforms.
On Wednesday, the IMF said that a team of its officials had reached an agreement with Sri Lankan authorities on the second review of economic reforms. Once the agreement is approved by the IMF executive board, Sri Lanka would have access to the latest tranche of $337 million, for a total so far of about $1 billion.
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