Sri Lanka's Parliament took a critical step in approving new anti-corruption legislation. But experts and the political opposition note that the country had such laws on the books for years but was still plagued by graft.

The IMF staff team is focusting attention on allegations that endemic corruption contributed to the economic crisis that caused a sovereign debt default and severe shortages of essentials.

The new anti corruption law has many provisions including recognition of a wider range of offenses, such as private-sector bribery and bribery for sexual gratification, increased fines, as well as mandatory public declaration of assets.