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 bailout plan for the bankrupt nation Monday and about $333 million was to be disbursed immediately to alleviate the country’s humanitarian crisis. The approval also will open up financial support from other institutions.
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. Shortages led to street protests that forced out Sri Lanka’s president.
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