IMF approves critical $3B bailout package for Sri Lanka

By KRISHAN FRANCIS
Associated Press

COLOMBO, Sri Lanka (AP) — The International Monetary Fund says its executive board has approved a nearly $3 billion bailout program for Sri Lanka over four years to help salvage the country’s bankrupt economy. An IMF statement says about  $333 million of the funding will be disbursed immediately and the approval will also open up financial support from other institutions. Earlier this month, the last hurdle for the approval was cleared when China joined Sri Lanka’s other creditors in providing debt restructuring assurances. Sri Lanka announced last year that it’s suspending repayment of its foreign debt amid a severe foreign currency crisis.