• Sunday, October 02, 2022

ASIA

IMF warns on rates as it issues delayed loan to Sri Lanka

By: Eastern Eye Staff

The IMF announced Tuesday (18) it was lending more than $167 million to Sri Lanka after delaying the loan for months, but warned the island must raise interest rates to reign in credit. The government of Maithripala Sirisena, which came to power in February 2015, secured the bailout in June last year following a balance of payments crisis. The third installment of the $1.5 billion loan — a sum of $167.2 million — had been withheld because Sri Lanka failed to meet its bailout conditions. In a statement the IMF said Sri Lanka had undertaken “meaningful corrective actions” to achieve its agreed targets despite failing to deliver on tax…

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