IMF approves $2.9 bln bailout for Sri Lanka, president's office says

Sri Lankan President Ranil Wickremesinghe's office said on Monday that the International Monetary Fund's executive board has approved a $2.9 billion bailout for Sri Lanka which will overall give it access up to $7 billion in funding.

The IMF program will help improve Sri Lanka's standing in international capital markets, the president's office said in a statement, potentially helping it emerge from its worst financial crisis in over seven decades. The IMF did not immediately respond to a Reuters request for comment.

Wickremesinghe told parliament earlier in March the IMF deal was crucial to ensure other creditors could also release funds.