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Sri Lanka crisis

Sri Lanka to obtain $2.9bn from IMF, needs creditors to play ball

Final board approval still hinges on lender assurances and promised reforms

Sri Lanka, suffering under an economic crisis and skyrocketing inflation, has reached a staff-level agreement with the International Monetary Fund to obtain $2.9 billion.   © AP

COLOMBO -- Sri Lanka on Thursday landed a preliminary agreement to obtain $2.9 billion from the International Monetary Fund, a crucial lifeline for the crisis-plagued South Asian country.

Officials from the multilateral lender, however, were quick to caution that this is only the beginning of a long road to recovery. They also made clear that much will depend on the willingness of Sri Lanka's existing creditors -- a list that includes China -- to cooperate.

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