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IMF releases 218.3 million Dollars to Sri Lanka

Apr 5, 2011 4:40:17 AM - itnnews.lk

The International Monetary Fund has approved the disbursement of an amount equivalent to about 218.3 million US Dollars. This follows its completion of the sixth review of Sri Lanka’s economic performance under a program supported by a Stand-By Arrangement.

The immediate disbursement of this amount will bring total disbursements under the arrangement to an amount equivalent to about 1.75 Billion US Dollars. The IMF Executive Board has also approved a waiver of applicability for the three end-March performance criterions on the net international reserve target, the reserve money and the net domestic financing of the central government. The Board has also approved a re-phasing of the remaining disbursements.

The Stand By Arrangement was approved on July 24, 2009 for an amount equivalent to about 2.62 Billion US Dollars, or 400 percent of Sri Lanka’s quota.

John Lipsky, IMF’s Deputy Managing Director and Acting Chair said that the Sri Lankan economy was continuing to make progress under the Fund-supported program and overall macroeconomic developments remain favorable. He said growth is strong, inflation remains in single digits, and reserves are at a comfortable level.