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Sri Lanka has won an initial staff-level funding approval from the IMF, thereby opening the path to receive $330mn via the next loan tranche as part of the fund’s $3bn bailout program. As part of the next steps, the IMF’s executive board has to approve the staff-level agreement in order to release the funding. Equally important is Sri Lanka’s current debt restructuring talks with official creditors like India, Japan, and France who are set to submit a proposal soon, as per a source. Just over a week ago, Sri Lanka reached a preliminary agreement with China EXIM Bank, in a major update towards the its restructuring program.