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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka looks for IMF support, ‘not a bailout’

Sri Lanka looks for IMF support, ‘not a bailout’

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notme

notme
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
COLOMBO: Sri Lanka is looking for an extended fund facility from the International Monetary Fund (IMF) after the current $2.6 billion loan programme ends, the central bank said on Thursday.

An IMF mission last week said Sri Lanka had shown interest in further financial support.

“It is not a bailout package. The area (we’re) looking at is the extended fund facility,” Central Bank Governor Ajith Nivard Cabraal told Reuters in an interview.

“It is available to many countries which need not necessarily be in a balance of payments difficulty. Of course, it is still too early to say. But if we are going for a package, what we are talking about, the ideal situation would be the package should suit development activities also.”

The IMF may disburse the last tranche of around $420 million by July if it satisfied with the island nation’s economic performance, bringing the current $2.6 billion loan programme to an end.

Cabraal said the central bank had been studying IMF facilities given to other countries.

“After this (on going) programme is successfully completed, we will start discussions. Once we have got a clearer picture, we would be looking at the options of having some development also supported,” he said. reuters

http://www.dailytimes.com.pk/default.asp?page=2012%5C06%5C22%5Cstory_22-6-2012_pg5_29

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Whatever you want it Mr. NC, hope this too will not also be wasted on legacy creations and recurrent payments only. Very Happy

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