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

4 June 2016 09:53 am

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)