June 13, 2024 12:24 PM

IMF approves second review of Sri Lanka’s $2.9 bln bailout, warns of economic risks

The International Monetary Fund (IMF) approved the second review of Sri Lanka's $2.9 billion bailout, but the global lender warned the economy remains vulnerable despite signs of recovery and urged Colombo to do more to restructure a hefty debt burden. In a statement on Wednesday, the IMF said it will release about $336 million, taking total funding to around $1 billion, to the crisis-hit country and noted that signs of an economic recovery were emerging. However, in a note of caution, it said...