Lankapage Logo Recent Top Stories
CP 13 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka seeks US$ 1 billion loan from IMF
Sat, Jan 5, 2013, 12:57 am SL Time, ColomboPage News Desk, Sri Lanka.

Jan 04, Colombo: Sri Lanka is seeking another loan of US$ 1 billion from the International Monetary Fund (IMF) to support the government's budget this year, according to a top government official.

Country's Treasury Secretary Dr. P.B. Jayasundera has told reporters in Colombo Friday that the government will hold discussions with the IMF to borrow another US$ 1 billion after the foreign investments in infrastructure failed to materialize in time.

The Treasury Secretary has said that delays in construction work had slowed the foreign direct investment (FDI) in-flows which are about 50 percent down from the government's original target for 2012.

The Central Bank reported FDI inflows, including foreign loans to BOI companies, for the first nine months of the year amounted to US$ 614.7 down by 9.4 percent from the previous year.

The government however, said today that the FDI doubled in 2012 to US$ 2 billion from the previous year.

Dr. Jayasundera has said that the government is asking the IMF to extend budget support and the money would be used for government spending.

Sri Lanka obtained a US$ 2.6 billion loan from the IMF under a Stand-By Arrangement on July 24, 2009. At the time of the SBA's final installment in July 2012, the IMF suggested that a "successor arrangement with the Fund (IMF)" would provide valuable support to the Sri Lankan authorities to continue macroeconomic stabilization and structural reforms efforts.



ColomboPage - Recent 10 Stories
Sri Lanka opposition presidential candidate vows to protect President and security forces from war crime charges
-- [18 minutes ago]
Leftist party of Sri Lanka ruling coalition to meet tomorrow to reconsider party support at presidential polls
-- [1 hour and 31 minutes ago]
Two Sri Lankan government ministers likely to cross over to the opposition next week
-- [1 hour and 49 minutes ago]
British High Commission celebrates UK-Sri Lanka ties with cricket teams
-- [2 hours ago]
Sri Lanka inflation drops to 1.5 percent in November 2014, food prices increase
-- [2 hours ago]
Sri Lanka minister's son and six others granted bail
-- [8 hours ago]
Sri Lanka's ruling party national list MP resigns from parliament
-- [8 hours ago]
Sri Lanka Defense Secretary calls on nations to share intelligence to combat transnational crime
-- [9 hours ago]
Fitch assigns Sri Lanka's Singer's notes 'A-(lka)' final rating
Unilever CEO arrives in Sri Lanka on a business visit

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.