Sri Lanka's finance minister declared his government is expecting a bailout package from the International Monetary Fund to come into place next week, as Sri Lanka faces a worsening economic crisis.
"The good news is that it could be forthcoming next week," said Ravi Karunanayake after meeting with IMF representatives on Saturday.
Sri Lanka is reportedly hoping to receive a $1.5–2 billion bailout package, as it struggles to cope with a budget deficit, dwindling foreign reserves and a currency crisis. State Minister of Finance Lakshman Yapa Abeywardena said at least $1 billion would be granted.
Mr Karunanayake though remained upbeat, telling reporters, "it is better to have the IMF endorsement than to be without it".
See our earlier posts:
Sri Lanka seeks to secure IMF facility of US $1.5 billion (04 Apr 2016)
Sri Lanka pledges to investigate lost financial records amidst IMF concern (29 Mar 2016)
Sri Lanka looks to raise US $5 billion from world lenders (28 Mar 2016)
Sri Lankan govt considers IMF bailout conditions (16 Feb 2016)
IMF loan essential to resolve BOP crisis (15 Feb 2016)