- Sri Lanka secures a $3bn, four-year lending program from the IMF.
- The country defaulted last year, leading to a hunger crisis and mass protests.
- Inflation is still over 50% year on year.
- The country needs to restructure $40bn in foreign debt owed to China, India, Japan, and commercial bondholders.
- The IMF has released an initial tranche of $330mn, but to secure the next payment later this year, Sri Lanka needs to show progress on debt restructuring.
Financial Times — World — Debt crisis — Sovereign Debt — Asia-Pacific Economy — International Monetary Fund
Sri Lanka reels from aftershocks of debt crisis
Sri Lanka's challenges are only beginning as it secures a $3bn IMF deal. It still needs to restructure its $40bn foreign debt and tackle its hunger crisis.