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3rd installment of loan only when new cabinet is appointed – IMF tells Govt.

Feb 26, 2010 12:59:27 AM - thecolombotimes.com

The third installment of the 2.6 billion US dollar loan to Sri Lanka by the International Monetary Fund (IMF) has been withheld as the government was unable to meet the target set by the IMF during the last quarter of 2009 and due to irregular financial management of the government. The government has violated the agreement it signed with IMF to keep the budget deficit under 7% and the local debt it obtained has exceeded the maximum level.