IMF approves crucial $3B bailout for bankrupt 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 bankrupt Sri Lanka. About $333 million will be disbursed immediately, and the approval will open up support from other institutions. Sri Lanka last year suspended repayment of its debt amid a foreign currency crisis. The currency crisis created severe shortages of fuel and other essentials, leading to street protests that forced out then-President Gotabaya Rajapaksa. The economic situation has improved under Wickremesinghe, but his plans to privatize state ventures may face opposition. Many Sri Lankans also want him to take action against the Rajapaksa family, whom they blame for the economic crisis.