Overview

• Sri Lanka's Central Bank governor, Nandalal Weerasinghe, is confident the country will receive the second installment of a $2.9-billion bailout package from the International Monetary Fund (IMF) before the end of the year.
• The payment was delayed due to inadequate oversight and debt restructuring.
• Sri Lanka declared bankruptcy in April 2022 with more than $83 billion in debt, more than half of which is owed to foreign creditors.
• The IMF's review in September indicated that Sri Lanka’s economy was recovering, but it needed to improve its tax administration, eliminate exemptions and crack down on tax evasion.
• The Export–Import Bank of China, one of Sri Lanka's creditors, has given its consent for the second bailout installment of $330 million, and Sri Lanka is awaiting consent from the other creditors in the Official Creditor Committee.