Sri Lanka expects final approval from the International Monetary Fund for a $2.9 billion loan in the third or fourth week of this month, the country’s president said, adding that with fresh support from China, all funding requirements had been met
It was not clear what new support China, the world's biggest sovereign creditor, extended to Sri Lanka on Monday., the Export-Import Bank of China offered Sri Lanka a two-year moratorium on its debt and said it would support the country's efforts to secure the IMF loan, which a Sri Lankan source said at the time was not enough to meet IMF conditions.
In total, Sri Lanka owed Chinese lenders $7.4 billion, or nearly a fifth of public external debt, by end-2022, calculations by the China Africa Research Initiative showed. "There is a lot of positivity around a possible IMF announcement and more dollar loans are expected with an approval of the bailout," said Udeeshan Jonas, chief strategist at equity research firm CAL Research.
Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe added.
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