IMF releases $329.4 million loan to Sri Lanka
WASHINGTON (Reuters) - The International Monetary Fund said on Friday its executive board completed a review of Sri Lanka's economic performance and released $329.4 million from a stand-by loan agreement.
The IMF board also approved Sri Lanka's request for a waiver on certain performance criteria.
"Sri Lanka's performance under the stand-by arrangement is encouraging," said Takatoshi Kato, IMF deputy managing director.
"Recent economic developments have been stronger than expected, and the near-term outlook has improved. While the Fund-supported program had helped Sri Lanka avoid a balance of payments crisis, fundamental vulnerabilities remain to be addressed. Strict adherence to the program targets and steadfast implementation of the reform agenda will be essential," he said.
(Reporting by Emily Kaiser; Editing by Dan Grebler)
© Thomson Reuters 2009 All rights reserved
India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India during the Reuters India Investment Summit in Mumbai and Bangalore. Full Coverage | Blog
PLAYBOY SALE
An icon bows to changing times
With his Playboy Enterprises in talks to be sold for about $300 million, the 83 year-old Hugh Hefner will be giving up control over the iconic adult entertainment empire he founded that was instrumental in shaping society's opinions on nudity, sex and free speech. Full Article
India
US
UK
