A nine-member International Monetary Fund (IMF) team began bailout talks on Monday in Sri Lanka’s capital with officials, including Prime Minister Ranil Wickremesinghe, on how to structure what will be Sri Lanka's 17th loan program with the global lender.

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.

Schools were closed and all non-essential government services halted on Monday in Sri Lanka as it begins a two-week shutdown to conserve fast-depleting fuel reserves. 

The IMF team will stay in Colombo through June 30. 

(With input from Reuters)