News Snapshot:
The International Monetary Fund said Monday that 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. About $333 million will be disbursed immediately and the approval will also open up financial support from other institutions, the IMF said. “Sri Lanka has been facing tremendous economic and social challenges with a severe recession amid high inflation, depleted reserves, an unsustainable public debt, and heightened financial sector vulnerabilities,” its statement quoted IMF Managing Director Kristalina Georgieva as saying. “Institutions and governance frameworks require deep reforms. For Sri...
