Bankrupt Sri Lanka will receive a conditional $2.9-billion bailout to repair its battered finances, the International Monetary Fund said on Thursday, raising hopes that a bruising economic crisis might start to ease.
Months of acute food, fuel and medicine shortages, extended blackouts and runaway inflation have plagued the country after it ran out of dollars to finance even the most essential imports. The country has defaulted on its $51-billion foreign debt.
