Reuters
A general view of the main market is seen, after the International Monetary Fund's executive board approved a US$2.9 billion bailout, in Colombo, Sri Lanka March 21.
The International Monetary Fund (IMF) approved a US$2.9 billion loan package for Sri Lanka on Monday, almost a year after the country defaulted on its foreign debt amid a deep economic crisis.
The vote by the Fund's executive board – first announced by Sri Lankan President Ranil Wickremesinghe – clears the way for the release of funds and kicks off a four-year program designed to shore up the Sri Lankan economy. It comes shortly after China, the country's largest bilateral creditor, agreed to restructure its loans to the South Asian country.