<p class="title">The International Monetary Fund Tuesday released a long-delayed loan instalment to Sri Lanka, providing financial relief to a government still reeling from the Easter Sunday bombings that claimed 258 lives.</p>.<p class="bodytext">The Washington-based lender said it was releasing $164.1 million to Sri Lanka under a three-year $1.5 billion bailout that was suspended in October during a power struggle between the president and the prime minister.</p>.<p class="bodytext">With the status quo restored, the administration has been able to present a "well-targeted 2019 budget, rebuilding reserves, while maintaining a prudent monetary policy", said IMF deputy managing director Mitsuhiro Furusawa.</p>.<p class="bodytext">The power struggle was resolved after the Supreme Court ruled that President Maithripala Sirisena violated the constitution by sacking Prime Minister Ranil Wickremesinghe's government.</p>.<p class="bodytext">The loan programme, begun in June 2016, would be extended by a further year, the IMF said.</p>.<p class="bodytext">Sri Lanka estimates that it will lose about $1.5 million in revenue this year as a result of a sharp dip in tourist arrivals following the April 21 suicide bombings.</p>.<p class="bodytext">The bombings, blamed on a local jihadi group, targeted three Christian churches and three luxury hotels.</p>.<p class="bodytext">During the political crisis in the final quarter of 2018, three international credit rating agencies downgraded the country's debt making it more expensive to borrow abroad.</p>.<p class="bodytext">Official figures show that Sri Lanka will have to repay a record $5.9 billion in foreign loans in 2019.</p>.<p class="bodytext">The IMF also renewed its call to the Sri Lankan government to restructure the loss-making national carrier Sri Lankan Airlines, which has accumulated losses and debts of over $2 billion.</p>.<p class="bodytext">The government has failed to privatise the airline, but the president has revived attempts to find a partner who could inject new capital to keep the airline afloat.</p>
<p class="title">The International Monetary Fund Tuesday released a long-delayed loan instalment to Sri Lanka, providing financial relief to a government still reeling from the Easter Sunday bombings that claimed 258 lives.</p>.<p class="bodytext">The Washington-based lender said it was releasing $164.1 million to Sri Lanka under a three-year $1.5 billion bailout that was suspended in October during a power struggle between the president and the prime minister.</p>.<p class="bodytext">With the status quo restored, the administration has been able to present a "well-targeted 2019 budget, rebuilding reserves, while maintaining a prudent monetary policy", said IMF deputy managing director Mitsuhiro Furusawa.</p>.<p class="bodytext">The power struggle was resolved after the Supreme Court ruled that President Maithripala Sirisena violated the constitution by sacking Prime Minister Ranil Wickremesinghe's government.</p>.<p class="bodytext">The loan programme, begun in June 2016, would be extended by a further year, the IMF said.</p>.<p class="bodytext">Sri Lanka estimates that it will lose about $1.5 million in revenue this year as a result of a sharp dip in tourist arrivals following the April 21 suicide bombings.</p>.<p class="bodytext">The bombings, blamed on a local jihadi group, targeted three Christian churches and three luxury hotels.</p>.<p class="bodytext">During the political crisis in the final quarter of 2018, three international credit rating agencies downgraded the country's debt making it more expensive to borrow abroad.</p>.<p class="bodytext">Official figures show that Sri Lanka will have to repay a record $5.9 billion in foreign loans in 2019.</p>.<p class="bodytext">The IMF also renewed its call to the Sri Lankan government to restructure the loss-making national carrier Sri Lankan Airlines, which has accumulated losses and debts of over $2 billion.</p>.<p class="bodytext">The government has failed to privatise the airline, but the president has revived attempts to find a partner who could inject new capital to keep the airline afloat.</p>