Sri Lanka requests IMF bailout to tackle budget deficit


COLOMBO: Sri Lanka has made a formal request for an IMF bailout package to aid its struggling economy after a sharp slowdown in growth and with its budget deficit widening, officials said Saturday. The International Monetary Fund confirmed the island nation had asked for assistance, but did not give details on the value of a potential program or say whether it would grant the request. Sri Lanka enjoyed a blistering economic growth rate averaging more than 8.0 percent for two years after a prolonged civil war ended in 2009. But the pace of expansion has since slowed, falling to 4.8 percent in the third quarter of 2015, according to official data.



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