IMF mulls loan approval to Sri Lanka,even without China’s assurance-Bloomberg News

The International Monetary Fund(IMF) is considering approving loans for Sri Lanka, even without Monetary Fund is considering approving a loan for Sri Lanka, even without China’s assurance of debt restructuring support, Bloomberg reported on Friday.

Under a rarely used policy, the global lender may consider approving the Island nation’s loan, as the only prerequisite hindering the go-ahead is china’s formal assurance, citing people familiar with the matter.

“The Sri Lanka authorities continue to seek from their official bilateral creditor’s financing assurance so that the fund’s executive Board  can consider their request for an IMF arrangement.”