Marxist-leaning firebrand Anura Kumara Dissanayake, whose tax cut pledges won over many of the two-thirds of his people mired in poverty, takes power as Sri Lanka emerges from its most punishing economic crisis in 70 years and its first international debt default.

The IMF will discuss Sri Lanka’s loan program review timing with the new govt led by President Dissanayake. The previous administration negotiated a $2.9 billion facility when the presidential election was announced in July.

The International Monetary Fund is ready to discuss its controversial $2.9 billion bailout programme for Sri Lanka with the country's new government, a spokesman said. "We will discuss the timing of the third review of the IMF-supported programme with the new administration as soon as practicable,