IMF approves nearly $3 bln bailout for Sri Lanka

The International Monetary Fund said on Monday its executive board has approved a nearly $3 billion bailout for Sri Lanka, potentially helping the country emerge from its worst financial crisis in over seven decades.

Sri Lankan President Ranil Wickremesinghe's office said the decision will enable the country to access up to $7 billion in funding overall. The IMF program will help improve Sri Lanka's standing in international capital markets, the president's office said.