IMF and international donors prop-up Sri Lankan economy
[23 Apr 2001]

The Executive board of the International Monetary Fund (IMF) has approved a 14-month Stand-by Credit of US$ 253 million to implement the government's economic program for the year 2001-02. The decision will enable Sri Lanka to draw SDR 103 million (about US$ 131 million) from the IMF immediately.

This program aims to restore the macro-economic stability with improvements in the financial position of the public sector and the rebuilding of official reserves, supported by a flexible exchange rate, the IMF said in a press release.

The Central Bank said in a statement that in addition to the IMF grant, The World Bank and the Asian Development Bank together with multilateral and bilateral donors are also expected to grant a sum of US$ 270 million.

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