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AP-National

The second installment of Sri Lanka’s bailout was delayed. The country hopes it’s coming in December

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Published 4:26 AM

By BHARATHA MALLAWARACHI
Associated Press

COLOMBO, Sri Lanka (AP) — The governor of Sri Lanka’s Central Bank says he is confident it will receive the second instalment of a $2.9-billion bailout package from the International Monetary Fund before the end of the year. Payment of the money was delayed due to inadequate oversight and debt restructuring. Sri Lanka plunged into economic crisis and declared bankruptcy in 2022, suffering severe shortages and drawing strident protests that led to the ouster of the president. The IMF agreed to the bailout in March and released the first payment. A review in September said Sri Lanka’s economy was recovering, but it needed to improve its tax administration, eliminate exemptions and crack down on tax evasion.

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