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AP National Business

IMF to assess Sri Lankan governance as part of $3B bailout

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Published 1:14 am

By KRISHAN FRANCIS
Associated Press

COLOMBO, Sri Lanka (AP) — The International Monetary Fund says it is assessing Sri Lanka’s governance in the first case of an Asian country facing scrutiny for corruption as part of a bailout program. The IMF executive board approved a nearly $3 billion bailout program for the bankrupt nation Monday and about $333 million will be disbursed immediately. Sri Lanka suspended repayment of its debt last year as it ran short of foreign currency needed to pay for imports of fuel and other essentials. The crisis led to street protests that forced out Sri Lanka’s president. The economic situation has improved under current President Ranil Wickremesinghe, but his plans to privatize state companies have raised objections.

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