IMF Bailout Sought After Default

The Sri Lankan government is in talks with the International Monetary Fund for a financial bailout after defaulting for the first time in its history last month, reports the Wall Street Journal.

The heavily indebted economy faces collapse after months of double-digit inflation, rolling power blackouts and shortages of food and medicine, Prime Minister Ranil Wickremesinghe said on Wednesday.

Earlier this week, authorities ordered a two-week shutdown for schools and nonessential...