Skip to Content
AP National Business

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

KIFI
By
Published 1:16 PM

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.

Article Topic Follows: AP National Business

Jump to comments ↓

Author Profile Photo

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content