The $2.9 billion loan secured early last year required Colombo to sharply raise taxes, remove generous energy subsidies and agree to restructure more than 50 loss-making state enterprises.

President Anura Kumara Dissanayake said his government would honour his predecessor's deal

The party of a Marxist leader on track to win Sri Lanka's presidential vote vowed Sunday not to scrap the country's unpopular $2.9 billion IMF bailout agreement, but instead renegotiate it

Sri Lanka slapped a new 18 % VAT on fuel, mobile phones and computers from Monday to raise revenue ahead of a foreign debt restructuring