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IMF approves disbursement of the delayed loan to Sri Lanka

Jun 29, 2010 1:40:18 AM - itnnews.lk

The International Monetary Fund says it has approved the disbursement of the delayed third tranche of a 2.6 billion dollar loan to Sri Lanka.

The Executive Board of the International Monetary Fund said in a statement that the IMF completed the second and third reviews of Sri Lanka’s economic performance.

The global lender said the completion of the reviews allowed for the immediate disbursement of an amount equivalent to about US 407.8 million US dollars.

The statement said that the overall economic conditions in Sri Lanka are improving and the economy is likely to show strong growth this year. The economic growth rate in the country during the first quarter was 7.1 % while the inflation is steadily decreasing.