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Tuesday, 08 March 2016 - 12:43
Sri Lanka To Get $1.5 Billion IMF Loan To Avert Balance Of Payments Woes
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Sri Lanka will receive a loan of 1.5 billion dollars from the International Monetary Fund to boost foreign exchange reserves and avert a balance of payments problem.

Sri Lanka's finances are under scrutiny after ratings agency Fitch last week downgraded its sovereign rating by a notch, to "B+", spurred by a ballooning fiscal deficit, rising foreign debt and sluggish growth prospects.

Sri Lanka's reserves have fallen by a third, to 6.3 billion dollars by January, from their October 2014 peak, mainly because of outflows of 1.3 billion dollars in government bonds since January 2015.

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