Sri Lanka Said to Have Reached Staff Level Agreement With IMF.

Sri Lanka has received initial approval from the International Monetary Fund (IMF) for the release of the next loan installment from its $3 billion bailout program. The agreement is subject to certain provisions and is part of Sri Lanka's efforts to restore economic growth after being impacted by the pandemic and debt crisis. The country is also in negotiations with global investors to restructure $12 billion in defaulted global bonds. The IMF's executive board must approve the loan tranche, and progress in debt restructuring is a condition for the funding. [Extracted from the article]