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IMF to lend $1.5 billion to Sri Lanka
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IANS | 30 Apr, 2016
Sri Lanka will borrow $1.5
billion from the International Monetary Fund (IMF) for the government's
economic reform agenda, the IMF said on Friday.
Todd Schneider,
IMF mission chief for Sri Lanka, said a staff-level agreement was
reached on a three-year programme to be supported by the IMF's Extended
Fund Facility (EFF).
"Formal approval of the EFF is expected to
catalyse an additional $650 million in other multilateral and bilateral
loans, bringing total support to about $2.2 billion (over and above
existing financing arrangements)," the IMF said.
An EFF is
designed to provide assistance to countries who experience serious
payments imbalances because of structural impediments or characterised
by slow growth and an inherently weak balance of payments position.
Sri
Lanka's new government made an official request for a fresh bail out
package from the IMF this year to help tackle a widening balance of
payment deficit.
However, the fund turned down the request initially, saying the country's reserves were at a comfortable level then.
The
IMF lent $2.6 billion to Sri Lanka in 2009 to help it recover from the
impact of the global financial crisis and return the country to
long-term, sustainable growth after almost three decades of war.
The
end of the conflict provides Sri Lanka with a unique opportunity to
undertake economic reform and reconstruction, which would be key to
laying the basis for high economic growth in the years ahead, the IMF
said.
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