By 2016, the country's debt soared as it was developing its infrastructure to the point of near bankruptcy which required a bailout from the International Monetary Fund (IMF) The IMF had agreed to provide a US$1.5 billion bailout loan in April 2016 after Sri Lanka provided a set of criteria intended to improve its economy. By the fourth quarter of 2016, the debt was estimated to be $64.9 billion. Additional debt had been incurred in the past by state-owned organisations and this was said to be at least $9.5 billion. Since early 2015, domestic debt increased by 12% and external debt by 25%. In November 2016, the IMF reported that the initial disbursement was larger than US$150 million originally planned, a full US$162.6 million (SDR 119.894 million). The agency's evaluation for the first tranche was cautiously optimistic about the future. Under the program Sri Lankan government implemented a new Inland Revenue Act and an automatic fuel pricing formula which were noted by the IMF in its fourth review. In 2018 China agreed to bail out Sri Lanka with a loan of $1.25 billion to deal with foreign debt repayment spikes in 2019 to 2021.