November 7, 2009 / 1:40 AM / 10 years ago

IMF releases $329.4 million loan to Sri Lanka

The IMF nameplate is displayed on a wall at the headquarters during the World Bank/International Monetary Fund Spring Meetings in Washington in this April 11, 2008 file photo. IMF said its executive board completed a review of Sri Lanka's economic performance and released $329.4 million from a stand-by loan agreement. REUTERS/Jonathan Ernst/Files

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

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