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Saturday, April 3, 2010

Sri Lanka cenbank says met all end-March IMF targets

COLOMBO, April 2 (Reuters) - Sri Lanka has met end-March IMF targets for net domestic financing, net international reserves, and reserve money required under a $2.6 billion loan, its central bank governor said on Friday.

"We met all three end-March targets for the IMF programme," Ajith Nivard Cabraal told Reuters. However, he did not elaborate on the numbers.

Koshy Mathai, the IMF's resident representative for Sri Lanka, said the lender was waiting for the end-March data.

"I had a meeting with the governor yesterday and he said that end-March targets were met. We haven't seen the data yet. If that's true, we are really happy," Mathai said.

The IMF delayed the third tranche of the loan on Feb. 25 after Sri Lanka's 2009 budget deficit hit an eight-year high of 9.7 percent, overshooting the IMF target of 7 percent.

source - http://in.reuters.com