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IMF approves $1.5 bln loan to back SL's economic reforms

4 June 2016 09:53 am - 7     - {{hitsCtrl.values.hits}}

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The International Monetary Fund's (IMF) executive board has approved a three-year $1.5 billion loan to support Sri Lanka's economic reform agenda, the global lender said on Saturday.

"The arrangement aims to meet balance of payments needs arising from a deteriorating external environment and pressures that may persist until macroeconomic policies can be adjusted," the IMF said in a statement.

The decision will enable an immediate disbursement of $168.1 million and the remainder will be available in six instalments subject to quarterly reviews, the global lender said.(Reuters)

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  Comments - 7

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  • JeffK Sunday, 05 June 2016 08:39 AM

    Here is the reason for recent tax hikes. Thank you Ranil-Mayithree.

    Anil Sunday, 05 June 2016 08:43 AM

    All credit to our HE Finance minister. Congratulations sir!

    jeers Sunday, 05 June 2016 09:22 AM

    Of course, but first we have to finish paying MR's loans.

    Yuri Saturday, 04 June 2016 01:54 PM

    is this to pay the interest of the previous Regime Loan !

    Unchikuni Saturday, 04 June 2016 02:23 PM

    Hello Weerawansa! You have to look for that plug now.

    gobbaya Saturday, 04 June 2016 02:28 PM

    get ready to have more bitterer pills via DM Android App

    Cheers Saturday, 04 June 2016 02:59 PM

    So this government is putting Sri Lanka back in to serious debt and who pays the bill poor citizens


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