Sri Lanka must not allow entrenched corruption to undermine a bailout for its bankrupt economy, the IMF said Tuesday after signing off on a $3 billion loan for the crisis-hit nation.
The International Monetary Fund approved its long-delayed rescue programme on Monday after China, the South Asian nation's biggest bilateral lender, offered debt relief assurances.
"We emphasise the importance of anti-corruption and governance reforms as a central pillar of the programme," he told reporters. Sri Lanka went to the Washington-based lender of last resort shortly before defaulting on its $46 billion foreign debt last April. Huge protests against economic mismanagement and government corruption eventually forced then-president Gotabaya Rajapaksa to flee the country and resign in July.
Wickremesinghe, who led negotiations with the IMF, has said Sri Lanka has no alternative but to follow the lender's reform programme.
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