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Leading News from Sri Lanka ::
Nov 07, Colombo: International Monetary Fund (IMF) said its Executive Board Friday completed the first review of Sri Lanka's economic performance and released the second installment of the US$ 2.5 billion Stand-by Arrangement.
The completion of the review enables the IMF to immediately disburse US$329.4 million, bringing total disbursements under the arrangement to about US$658.8 million.
The IMF approved the 20-month Stand-by Arrangement in July to help the country rebuild foreign reserves and strengthen the country's domestic financial system.
Takatoshi Kato, Deputy Managing Director of the IMF said Sri Lanka's performance under the Stand-by Arrangement is encouraging.
"Recent economic developments have been stronger than expected, and the near-term outlook has improved," Kato said.
He said however the fundamental vulnerabilities remain to be addressed though the funds had helped the country to avoid a balance of payments crisis and said it is vital to adhere to the targets and implement the reforms.
IMF commended the Sri Lankan government for its progress on financial sector reform, notably the amendment to the Banking Act to improve the bank resolution framework.
"Protecting the most vulnerable in society and addressing the urgent humanitarian needs of those adversely affected by the conflict remain key priorities. The authorities have recently stepped up the resettlement of internally displaced persons and expect to complete this process in early 2010. The post-war reconstruction needs will be met by diverting budget resources from military activities, as well as donor financing," Mr. Kato said.
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