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Tuesday, October 5, 2010

Sri Lanka achieved key targets set by IMF for September, Central Bank says

Oct 05, Colombo: Sri Lanka has successfully achieved the key targets set by the International Monetary Fund (IMF) under its US$ 2.6 billion stand-by agreement (SBA) for September, the Central Bank said today.

Issuing a statement today the Central Bank said that Sri Lanka has made successful progress in meeting the end September targets namely, Net International Reserves (NIR), Reserve Money (RM) and Net Domestic Financing (NDF) under the IMF-SBA programme.

According to the Bank, so far, under the SBA approved in July 2009, Sri Lanka has received 5 tranches, totaling US$ dollars 1.275 billion.

The IMF completed the fourth review in September and immediately disbursed an installment of about US$ 212.5 million.

The Central Bank expects an IMF staff mission in November to conduct the next review under the SBA programme, and expects the sixth tranche to be released on completion of the review.

source - www.colombopage.com