IMF to assess Sri Lankan governance as part of $3B bailout
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy 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. The senior mission chief for the IMF in Sri Lanka said the development lender was “conducting an in-depth governance diagnostic exercise which will assess corruption and governance vulnerabilities in Sri Lanka and provide prioritized and sequenced recommendations.” “Sri Lanka will be the first country in Asia to undergo a governance diagnostic exercise by the IMF. “Sri Lanka has been facing tremendous economic and social challenges with a severe recession amid high inflation, depleted reserves, an unsustainable public debt, and heightened financial sector vulnerabilities," IMF Managing Director Kristalina Georgieva said in a statement Monday. With the IMF approval, Sri Lanka will no longer be considered a bankrupt nation and the country can resume its normal transactions, Wickremesinghe said in a brief recorded statement on Tuesday.