Central bank makes IMF deal public
Posted on July 27th, 2009

The Sri Lankan government’s economic reforms programme including targets as a precursor to the IMF loan has been made public by the Central Bank of Sri Lanka.

Please click this link to get the letter of Intent   http://www.cbsl.gov.lk/pics_n_docs/latest_news/loi_25072009.pdf

The executive board of the International Monetary Fund in Washington DC approved the 2.9 billion loan negotiated between Sri Lanka and IMF, it was announced last night.

On the eve of the meeting the online edition of the London Times predicted that there is strong likelihood that Sri Lanka would not receive the loan.

Belying the Times campaign, it was announced the loan had been approved by the executive board without any difficulties.

Speaking from Washington Anura Priyadarshan Yapa, Minister of Enterprise Development and investment Promotion said the decision of the executive board is an endorsement of the policies of the Mahinda Rajapaksa government in Sri Lanka.

He said the loan has come at the most appropriate time when the Sri Lanka government has destroyed the world’s most ruthless terrorist group following a 30 year old war with the Liberation Tigers of Tamil Eelam (LTTE) and the elimination of almost the entire leadership of the terrorist group.

 A reuter report said,” The loan had already been delayed after the US and Britain sought to leverage the IMF money in a failed attempt to force a Sri Lankan Army ceasefire in May..”

 The loan is the biggest resource Sri Lanka has ever received from the IMF in its entire history.

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