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IMF Also Agrees On One Year Extension

Jul 1, 2010 2:45:38 AM - thesundayleader.lk

The Executive Board of the International Monetary Fund on Monday also agreed on a one year extension of the current twenty-month Stand-By-Agreement.

Accordingly, future disbursements will be phased in seven equal amounts of 203. 9 million US $.

In July 2009, following the end of the war, the IMF had agreed on a twenty-month Stand-By-Agreement under which 2,446.7 million US $ – about 400% of Sri Lanka’s quota – was made available to the island for the purpose of economic reform and post-conflict reconstruction.