Sri Lanka plans to use the second tranche of the IMF bailout deal to settle arrears with multilateral creditors and accelerate the debt restructuring process. The country is set to receive $330 million upon approval of the Staff-Level Agreement by the IMF Executive Board. This agreement will allow other financial institutions such as the World Bank and Asian Development Bank to make remaining payments, expediting the debt restructuring efforts. The IMF had approved a $2.9 billion extended arrangement in March to support Sri Lanka’s economic policies and reforms.
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