Minister admits further delay in IMF bailout package

The approval for Sri Lanka’s 2.9 billion U.S. dollar bailout from the International Monetary Fund (IMF) was likely to be delayed, a minister said on Wednesday.

Sri Lanka’sState Minister of Finance Shehan Semasinghe told journalists in Colombo the approval of the package by the IMF Board of Directors was likely to delay further.Semasinghe said Sri Lanka would get IMF Board’s approval in the first quarter of 2023.

Sri Lanka started discussions with the IMF in April following serious economic difficulties as the country was unable to make payments for even daily necessities of the people.