The International Monetary Fund (IMF) has finally approved a $3 billion bailout for Sri Lanka, paving the way for the country’s crisis-stricken economy to restructure its debt and for the economy to improve in 2024. The South Asian country is grappling with its worst financial crisis in decades and the IMF’s decision will allow an immediate disbursement of a $333 million loan over four years. Sri Lanka has been “hit hard by catastrophic economic and humanitarian crisis,” and the IMF’s loan approval is significant for Sri Lanka, which defaulted on its debt last year. The main aim of the IMF loan is to address “macroeconomic stabilization” and restore debt sustainability in the short term, said Srinivasan. However, going beyond that, the program also aims to mitigate the impact of the crisis on the poor and vulnerable, and to safeguard national stability and strengthen governance. Gabriel Sterne, head of global emerging

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