Sri Lanka will get the second tranche of a much-need bailout package from the IMF

The International Monetary Fund executive board has approved the release of the second tranche of a bailout package to help Sri Lanka recover from the worst economic crisis in its history. The fund says that the approval Tuesday to release $337 million came after Sri Lanka had made “commendable progress” toward debt sustainability, reducing inflation and safeguarding financial stability. It said a strong commitment to improving governance and protecting the poor and vulnerable remains critical. The package is worth about $2.9 billion in total. In September the IMF delayed the release of the second tranche, saying Sri Lanka needed to improve its tax administration.