Sri Lanka’s Parliament approves new anti-corruption law as part of an IMF economic bailout plan

By BHARATHA MALLAWARACHI
Associated Press

COLOMBO, Sri Lanka (AP) — Sri Lanka’s Parliament approved an anti-corruption legislation as the island nation attempts to overcome an unprecedented economic crisis. The legislation is part of the prerequisites of an International Monterey Fund bailout package approved in March, under which nearly $3 billion in government budgetary support will be disbursed in stages to the bankrupt nation. The bill was passed on Wednesday without opposition in the 225-member parliament. This comes as part of the IMF’s “in-depth governance diagnostic exercise” to assess corruption and vulnerabilities and “provide prioritized and sequenced recommendations,” a first in an Asian country. The bankrupt nation has taken several steps to restructure its total debt which has exceeded $83 billion.