Sri Lanka to get first tranche of $2.9bn bailout in two days - IMF

Sri Lanka is set to receive the first tranche of a $3bn International Monetary Fund (IMF) bailout package within the next two days, according to the lender. 

The move comes as Sri Lanka faces significant debt, with economic mismanagement and the impact of the COVID-19 pandemic exacerbating the situation. 

The IMF's approval of the package, the 17th such bailout for Sri Lanka, is also expected to prompt additional support from other lenders, such as the World Bank and the Asian Development Bank. 

The package is aimed at assisting Sri Lanka to access up to $7bn in funding, though it will not provide immediate relief to citizens.