Sri Lanka’s economic revival is better than originally expected when the International Monetary Fund approved a stand by loan, and tax revenues are improving, a review mission said in Colombo. The IMF was originally expecting 3.0 percent growth for the island for 2009 but has revised it up to 3.5 percent. “Things are on the [...]
Sri Lanka’s inflation slowed in August, giving the central bank room to cut interest rates to stoke an economic revival after the end of the island’s three- decade civil war. Consumer prices in the capital, Colombo, rose 0.9 percent from a year earlier after gaining 1.1 percent in July, the statistics agency said on its [...]
The economic reform program against which the IMF Executive Board on Friday approved a US$ 2.6 billion 20-month standby facility focuses on post-conflict reconstruction with Colombo requesting IMF financial assistance to support this effort. The IMF said soon after the grant of the facility was announced that the key elements of the program include fiscal [...]
Britain made clear its discontent over Sri Lanka’s treatment of Tamil refugees last night by abstaining from a vote at the International Monetary Fund to give $2.4bn (£1.46 bn) to the country. The abstention, the first by the UK since 2004, signals the degree of unease in London over the handling of the humanitarian crisis [...]
COLOMBO: Strong support from India at the IMF board and the need to match China’s growing clout in the island nation have resulted in the US giving up its opposition to the international funding agency’s extending a $2.5 billion standby facility to Sri Lanka. Sunday Island reported that IMF Executive Board would meet on July [...]
Sri Lanka, which ended a 26-year war with Tamil Tiger rebels, has signed a list of promises to the International Monetary Fund for a proposed lending agreement to repay debt and rebuild the South Asian island economy. “We have set out our intentions, which do not differ from the macroeconomic policy thrust that we have [...]
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