Sri Lanka Locks $1.5 billion IMF loan: Pledges to Narrow Fiscal Deficit

Friday, 29 April 2016 - 8:51


Sri Lanka secured a $1.5-billion loan from the International Monetary (IMF) Fund to tide over its finances.

The primary objective of the agreement with the IMF for $1.5 billion is to help lowering its borrowing costs and bolster finances.

The loan program will need approval by the IMF’s executive board, which is due to consider it in early June.

However, the IMF has urged Sri Lanka to reduce its fiscal deficit, raise government revenue and improve foreign exchange reserves wherein the Island has pledged the IMF to narrow her fiscal deficit to 3.5 percent of gross domestic product by 2020 through “a comprehensive set of reforms to Sri Lanka’s tax system.”

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