The International Monetary Fund (IMF) has released the latest installment of Sri Lanka's $1.5 billion bailout, but warned that restructuring the loss-making national airline was essential to sustain economic recovery.
The IMF welcomed the island nation's increase in fuel prices last month -- a precondition for it to receive $252 million of the three-year loan approved in June 2016.
"It is essential for the authorities to implement an automatic pricing formula for electricity and a restructuring plan for Sri Lankan Airlines," IMF's Deputy Managing Director Mitsuhiro Furusawa said in a statement.