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.

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.

(Reuters)