The International Monetary Fund on Monday (28) completed its second and third reviews on Sri Lanka’s economic performances, under a Stand-By-Arrangement approved of in July 2009, following the end of the war.
The 20 month Stand-By-Arrangement makes available resources equaling 400% of the islands quota, amounting roughly to 2.6 billion US $, to support the governments program for economic reform .
Upon the IMF Executive Boards approval of the Stand-By Arrangement, an initial amount of 322.2 million US $ became immediately available to the island, with the rest expected to be phased in, subject to quarterly reviews.
Following its second and third reviews on the islands economic performance -under the Stand-By-Arrangement – the IMF on Monday made available to Sri Lanka 407.8 million US$, bringing total disbursements to roughly 1,019.4 million US $.
The money is expected to be used under the government’s economic reform and post-conflict construction program, covering the key elements of Fiscal Policy, Exchange Rate and Monetary Policy, Social Protection and Financial Systems.