SL to use part of IMF’s first tranche to settle Indian loan scheme

Sri Lanka will use part of the recently received bailout package from the International Monetary Fund (IMF) to pay back its loan from India, the Finance Ministry said.

Finance State Minister Ranjith Siyambalapitiya yesterday shared that from the US $ 330 million that was received from the IMF as the first tranche, the government would settle the installments of the Indian 
loan scheme.

Accordingly, a sum of US $ 121 million has been allocated to settle India’s loan.

The island nation will receive the second tranche in September 2023, where the IMF will release another US $ 331 million.