IMF approves $251 million payout to Sri Lanka

The International Monetary Fund on Thursday approved the release of $251 million to Sri Lanka, the latest payment of a three-year loan that had been delayed amid differences over the scope and pace of reforms. The IMF approved the $1.5 billion loan in June 2016 following a balance of payments crisis in Sri Lanka.
With this latest tranche it has released a total of $760 million. While noting the progress on reducing Sri Lanka's deficit, the fund said more progress will be needed, including on tax collection and beefing up foreign reserves.