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The island nation of 22 million people has grappled with challenges during the past year ranging from a shortage of foreign currency to runaway inflation and a steep recession - the worst such crisis since independence from Britain in 1948.
"As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, a Fund-supported program for Sri Lanka can be presented to the IMF's Executive Board for approval that would unlock much needed financing."
Sri Lanka requires the backing of China and India - its biggest bilateral lenders - to reach a final agreement with the IMF that is essential to help the country emerge from its worst financial crisis in seven decades.
(Reporting by Andrea Shalal and Ismail Shakil; writing by Costas Pitas; editing by Tim Ahmann and Sandra Maler)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Tue, January 24 2023. 07:38 IST