IMF says it's assessing Sri Lanka governance

The International Monetary Fund said Tuesday 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 USD bailout plan for the bankrupt nation Monday and about 333 million USD was to be disbursed immediately to alleviate the country’s humanitarian crisis.

The approval also will open up financial support from other institutions. President Ranil Wickremesinghe said that “With the IMF approval, Sri Lanka will no longer be considered a bankrupt nation, and the country can resume its normal transactions."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.