IMF holds talks in Sri Lanka as cabinet moves to cut president's powers

Sri Lanka's cabinet on Monday approved an amendment to the constitution that could reduce presidential powers, in a move to appease protesters calling for President Gotabaya Rajapaksa to quit

An International Monetary Fund (IMF) team began bailout talks in Sri Lanka on Monday, as the country's cabinet cleared a constitutional amendment to dilute presidential powers that could assuage protesters amid rising tensions.

Economic mismanagement and the COVID-19 pandemic have left Sri Lanka battling its worst financial problems in seven decades, and a lack of foreign exchange has stalled imports of essentials including fuel, food and medicines.

The island nation of 22 million people is scrambling to get fuel shipments in the next three days, the energy minister told Reuters, as public disaffection grows because of a persistent shortage of diesel and