IMF’sTargets Met-Mathai
Sri Lanka has met the monetary and fiscal targets set forth by the IMF for the quarter ended 30.6.12., IMF’s Resident Representative in Colombo Dr. Koshy Mathai told a forum here on Wednesday.
Those also include the net reserve target (ie Government of Sri Lanka’s (GoSL’s) foreign exchange reserves minus borrowed monies such as foreign investments in GoSL securities, foreign loans both commercial and concessional and such like), he said. GoSL stands to gain US$ ($) 426.8 million, ie the IMF’s final tranche in its $ 2.5-2.6 billion standby arrangement with GoSL by meeting these conditions. The fate of these monies is now before the IMF Board, said Mathai. Earlier, IMF’s team leader for Sri Lanka Dr. John Nelmes told reporters that the Board was expected to make their decision in regard to the fate of this final tranche this month (see The Sunday Leader Economy page of 17.6.12).