IMF staff tentatively approved the bailout in September, but the final green light was delayed until the island’s largest bilateral lender agreed to restructure its debts to Colombo.
Beijing had said this year it was offering Sri Lanka a two-year moratorium on its debt, but the concession fell short on IMF expectations for the sustainability of the island’s debt.
Wickremesinghe had said he expected the first tranche of the IMF package to be made available within months after China agreed to restructure its debts.
Earlier on Monday, Wickremesinghe’s office said he was seeking a 10-year moratorium on Sri Lanka’s foreign debt as the country ran out of foreign reserves to repay its debts.
Officials involved in the talks said the terms of the debt restructuring should be finalized and agreed upon by all parties before June, when the IMF was expected to review the bailout programme.
“Sri Lanka will not be able to withdraw the second tranche until a debt restructuring plan is agreed upon with all creditors,” said an official.