Sri Lanka receives US$ 64 million form IMF
[September 5, 2002  - 11.40 GMT]

The International Monetary Fund Tuesday approved the release of US$ 64 million to Sri Lanka, the third tranche under the Standard-By-Agreement approved in April 2001.

The decision will enable Sri Lanka to immediately draw SDR 48.3 million (about US$64 million) from the IMF. The Arrangement is due to expire on September 19.

“Notwithstanding some policy delays and adverse external shocks, the Sri Lankan authorities have achieved their key goals of halting reserve losses within a flexible rate system, initiating fiscal consolidation and reforms of the tax system and public enterprise operations,” Shigemitsu Sugisaki, Deputy Managing Director and Acting Chairman of the Executive Board of the IMF said.

"Steady progress in the ongoing peace talks would significantly improve business confidence and the willingness of the international community to support reform in Sri Lanka, and thus enhance growth over the medium term. It would also pave the way for much-needed rehabilitation and reconstruction efforts," Mr. Sugisaki said.

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Last Updated Date: September 5, 2002  - 11.40 GMT.