The IMF's approval means Sri Lanka will no longer be considered a bankrupt nation and the country can resume its normal dealings, Wickremesinghe said in a brief recorded statement on Tuesday. Sri Lanka’s “institutions and governance frameworks require deep reforms,” IMF Managing Director Kristalina Georgieva said in a statement. Graft has been a main factor behind the country's economic meltdown, critics of the government say. Sri Lankans took to the streets since last year demanding accountability for alleged corruption and demanding recovery of assets allegedly stolen by members of a former ruling family. We look forward to further engagement and collaboration with stakeholders and civil society organizations on this critical reform area,” Peter Breuer told reporters.
“Sri Lanka will be the first country in Asia to undergo a governance diagnostic exercise by the IMF. The senior mission chief for the IMF in Sri Lanka said the development lender would assess corruption and governance vulnerabilities in Sri Lanka and provide recommendations. The economic situation has improved under current President Ranil Wickremesinghe, but his plans to privatize state companies have raised objections. Shortages led to street protests that forced out Sri Lanka’s president. 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. The approval also will open up financial support from other institutions. 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. COLOMBO – 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.
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