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Sri Lanka’s bailout by the International Monetary Fund will help the bankrupt nation lower its borrowing costs, thanks in part to a change in how the cash can be used, central bank Governor Nandalal Weerasinghe said.
The Washington-based lender for the first time will allow Sri Lanka to use funds from the $3 billion bailout to cover government spending, Weerasinghe said in an interview late Tuesday in the capital Colombo. The South Asian country’s 16 previous bailouts only targeted balance-of-payment support.
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