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Sri Lanka crisis

Sri Lanka president declares 'new journey' as first IMF cash arrives

Wickremesinghe vows more reforms but experts wary of 'Band-Aid' fixes

Supporters of Sri Lankan President Ranil Wickremesinghe watch him speak in parliament at a party office in Colombo on March 22.   © AP

COLOMBO -- Sri Lankan President Ranil Wickremesinghe on Wednesday told parliament that the country is "starting a new journey" after securing a nearly $3 billion bailout from the International Monetary Fund, vowing to push through reforms and address corruption.

In a speech, he said the IMF's Extended Fund Facility will "restore Sri Lanka's international recognition, ensure the country is not bankrupt and help banks regain international recognition," according to a readout from his media office. "This will create opportunities for low-interest credit, restore foreign investors' confidence and lay the foundation for a strong new economy."

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