Lanka awaits IMF board approval on first review

Sri Lanka expects the International Monetary Fund’s executive board to approve the first review of its $2.9 billion bailout by Dec. 6, the country’s treasury secretary said.

The approval would unlock $330 million in funding from the bailout, Mahinda Siriwardana said at a post-budget discussion on Monday, which Reuters accessed.

Sri Lanka is recovering from its worst economic crisis in more than seven decades.

The CBSL has forecast Sri Lanka’s economy will shrink 2 percent this year after a 7.8 percent contraction in 2022.

The World Bank, however, predicts a 3.8 per cent contraction in 2023.