WASHINGTON: China’s agreement to restructure its loans to Sri Lanka paves the way for International Monetary Fund financing to the bankrupt island nation, the IMF said Tuesday, adding this would also speed up funding from others.
“Sri Lanka has now received financing assurances from all major bilateral creditors,” said Krishna Srinivasan, director of IMF’s Asia and Pacific Department. This allows the fund’s board to approve a loan earlier agreed upon by its staff.