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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » IMF agrees to give USD 1.5 Billion

IMF agrees to give USD 1.5 Billion

+4
kumarweerarathne
jayathu
Gainer
Maharaja
8 posters

Go down  Message [Page 1 of 1]

1IMF agrees to give USD 1.5 Billion Empty IMF agrees to give USD 1.5 Billion Mon Mar 07, 2016 9:42 pm

Maharaja


Expert
Expert

[size=14]IMF agrees to give USD 1.5 Billion

The most important green signal for CSE and Sri Lankan economy


Happy trading friends,
Maharaja
[/size]

2IMF agrees to give USD 1.5 Billion Empty Re: IMF agrees to give USD 1.5 Billion Mon Mar 07, 2016 9:53 pm

Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes

Mar 07, 2016 17:55 PM GMT+0530 | 0 Comment(s)

COLOMBO, March 7 (Reuters) - Sri Lanka will receive a loan of $1.5 billion from the International Monetary Fund (IMF) to boost foreign exchange reserves and avert a balance of payments problem, a government minister said on Monday.

Sri Lanka's finances are under scrutiny after ratings agency Fitch last week downgraded its sovereign rating by a notch, to "B+", spurred by a ballooning fiscal deficit, rising foreign debt and sluggish growth prospects.

The government was originally looking for a loan of $2 billion from the global lender, said junior finance minister Lakshman Yapa Abeywardena.

"But now we will get about $1.5 billion in a number of disbursements," Abeywardena told Reuters. "This is to boost foreign exchange reserves."

The loan conditions, such as revising taxes to increase the government revenue, have yet to be finalised, however, he added.

Talks with the IMF are due to begin this month, but could drag on, as both sides have to agree on the conditions tied to the assistance programme.

"We continue to believe that negotiations will be slowed by the government's unwillingness to accept unpopular IMF conditionalities," Sasha Riser-Kositsky, Eurasia Group's South Asia analyst, said in a note.

There would be no flexibility on reducing the fiscal deficit, said a source at the global lender who has knowledge of Sri Lanka's loan discussions, but who declined to be identified in the absence of authorisation to speak to the media.

Sri Lanka's reserves have fallen by a third, to $6.3 billion by January, from their October 2014 peak, mainly because of outflows of $1.3 billion in government bonds since January 2015.

Last week, Finance Minister Ravi Karunanayake said an IMF programme by which the government commits itself to taking steps to fix its finances would help lure back investors.

"What we are trying to do is to get minimum cover from the IMF," he said. "It is important for investor confidence."

The IMF gave Sri Lanka a $2.6-billion bailout package in 2009, when it faced a balance-of-payments crisis soon after the end of a 26-year war.

The IMF has long urged the government to cut the fiscal deficit, estimated to have shot up to 7.2 percent of GDP last year, as well as add tax payers and spruce up the tax system.

Central bank Governor Arjuna Mahendran told Reuters last week an IMF loan could help drive down the cost of borrowing for the government to between 6 percent and 7 percent from 8.5 percent, as investors would interpret it as a vote of confidence in the $79-billion economy.

The island nation's total outstanding debt rose 12 percent to 8.27 trillion rupees in the first nine months of 2015, while foreign debt increased around 5 percent to 3.27 trillion.

The government has promised farmers tax cuts and subsidies, to help consolidate its position since taking office last year.

http://www.economynext.com/Sri_Lanka_to_get_$1.5_bln_IMF_loan_to_avert_balance_of_payments_woes-3-4435-1.html

3IMF agrees to give USD 1.5 Billion Empty Re: IMF agrees to give USD 1.5 Billion Mon Mar 07, 2016 10:03 pm

jayathu


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Market will be dull tomorrow, everyone will be wait n see what RANIL will say tomorrow at the parliament.

4IMF agrees to give USD 1.5 Billion Empty Re: IMF agrees to give USD 1.5 Billion Mon Mar 07, 2016 10:31 pm

kumarweerarathne

kumarweerarathne
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Will market react on CGT ? Or IMF loan ... I guess its IMF loan

5IMF agrees to give USD 1.5 Billion Empty Re: IMF agrees to give USD 1.5 Billion Mon Mar 07, 2016 10:36 pm

hotstock


Manager - Equity Analytics
Manager - Equity Analytics

Finally anxiously waiting for some good announcements

6IMF agrees to give USD 1.5 Billion Empty Re: IMF agrees to give USD 1.5 Billion Tue Mar 08, 2016 3:17 am

kassachandimal


Manager - Equity Analytics
Manager - Equity Analytics

Market will be slightly up due to this latest positive news

7IMF agrees to give USD 1.5 Billion Empty Re: IMF agrees to give USD 1.5 Billion Tue Mar 08, 2016 10:02 am

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Politicians make utmost effort to topple current government. Whoever comes to power would face the same economic turmoil related to fiscal deficit & edging down reserves. Analysts agree now the heavy burden of repayment of debt & its servicing cost are the major obstacles among others.

8IMF agrees to give USD 1.5 Billion Empty Re: IMF agrees to give USD 1.5 Billion Tue Mar 08, 2016 4:42 pm

Teller

Teller
Moderator
Moderator

No much hope in SL Economy nos.

9IMF agrees to give USD 1.5 Billion Empty Re: IMF agrees to give USD 1.5 Billion Wed Mar 09, 2016 8:20 am

jayathu


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

yesterday if you guys have watched news you must have seen dinesh questioning ranil about IMF deal. It was surprising to see ranil refuted that claim and said they didn't requested one single dollar IMF bail out/loan and only requested help and expertise to do a forensic audit and implement a new tax system. 

It was a surprising statement by Ranil cause last week at a investor forum Ravi stated they have requested 1.5-2Bn stand by loan facility from IMF and ranil was seated next to him. He could have corrected that statement by ravi cause now current/potential investors are confused who to believe. 
No wonder on today DailyFT paper shows Business confidence at all time low.

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