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COLOMBO (Reuters) -Sri Lanka's pact with creditor nations to restructure its debt prepares the way for the International Monetary Fund (IMF) to consider clearing the first review of a bailout next month, the global lender said on Thursday. Battling its worst financial crisis in decades, the Indian Ocean nation had been trying since last year to strike restructuring deals with creditors after record low foreign exchange reserves led to a default on foreign debt in May 2022. Wednesday's in-principle deal comes about a month after Sri Lanka's pact with the Export-Import Bank of China covering about $4.2 billion of outstanding debt, while clearing the IMF review could trigger a second tranche of about $334 million in funds.

Sri lankaPeter breuerP nandalal weerasingheSteohen coatesUditha jayasingheSudipto gangulyClarence fernandezInternational monetary fundWorld bankAsian development bankFund facility arrangementExport import bankExtended fund facility arrangementExecutive boardSouth asianDebt restructuring