Read this in The Manila Times digital edition.
MANILA, Philippines: The Asian Development Bank (ADB) approved a $350-million loan on Monday for bankrupt Sri Lanka, buttressing an International Monetary Fund (IMF) bailout as the country battles its worst economic crisis.
The loan will help stabilize the economy of the South Asian nation, the ADB said, after Sri Lanka ran out of foreign currency and defaulted on its $46-billion debt over a year ago.
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