COLOMBO, Sri Lanka (AFP) — Bankrupt Sri Lanka will receive a conditional $2.9 billion bailout to repair its battered finances, the International Monetary Fund said Thursday, following a bruising economic crisis that saw the island nation's president chased from the country.

The IMF board will need to ratify Thursday's staff agreement, which is conditional on Sri Lanka striking a deal with creditors to restructure its $51 billion in foreign debt.

"The objectives of Sri Lanka's new Fund-supported program are to restore macroeconomic stability and debt sustainability," the IMF said in a statement after nine days of talks in the capital Colombo.