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Signs+of+receiving+the+remaining+portion+of+the+IMF+loan+in+July.
Friday, 06 April 2012 - 8:18
Signs of receiving the remaining portion of the IMF loan in July.
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On April 2nd, the Executive Board approved the completion of the Seventh Review of the Stand by Arrangement, which enables the disbursement approximately 400 million US dollars.

Gerry Rice, Director of External Relations Department of the IMF stated that the Board also approved the extension of the program by 2 months to July 2012 to allow time for the completion of the Eighth and final review.

The Spokesperson for the UN Secretary, Martin Neserki made the statement as the daily press briefing held at the Headquarters of the UN in New York City.

The main pillars of the program are to rebuild Sri Lanka’s reserves, while transitioning to a more flexible monetary and exchange rate policy framework, reducing the budget deficit to sustainable levels, and strengthening the financial system.

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