Sri Lanka bailout conditional on tackling corruption: IMF | The Guardian Nigeria News - Nigeria and World News

Sri Lanka must not allow entrenched corruption to undermine a bailout for its bankrupt economy, the IMF said Tuesday after signing off on a $3 billion loan for the crisis-hit nation. The International Monetary Fund approved its long-delayed rescue programme on Monday after China, the South Asian island's biggest bilateral lender, offered debt relief assurances.

“We emphasise the importance of anti-corruption and governance reforms as a central pillar of the programme,” he told reporters. Its last programme, agreed in 2016, was scuttled by Colombo after a change of government three years later. A critical shortage of foreign exchange had left the island nation unable to finance even the most essential imports, causing severe food and fuel shortages.

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