“IMF deal will cut Sri Lanka’s borrowing costs”

Sri Lanka’s bailout by the International Monetary Fund will help the bankrupt nation lower its borrowing costs, thanks in part to a change in how the cash can be used, central bank Governor Nandalal Weerasinghe said.

The Washington-based lender for the first time will allow Sri Lanka to use funds from the $3 billion bailout to cover government spending, Weerasinghe said in an interview with Bloomberg.