IMF approves $3 bn loan for Sri Lanka amid its worst financial crisis in 70 years

The International Monetary Fund (IMF) has approved a nearly $3 billion bailout for Sri Lanka as the country faces its worst financial crisis in more than seven decades. About $333 million will be immediately disbursed to the country under this programme, the IMF said. Sri Lanka defaulted on its debts with international lenders for first time in history last year.