Sri Lanka May Not Tap IMF Funds Immediately on Reserves, Amunugama Says
By Anusha Ondaatjie - Aug 17, 2010 (Bloomberg)


Sri Lanka may not tap loans from the International Monetary Fund immediately as foreign-exchange reserves have climbed to a record, Deputy Finance Minister Sarath Amunugama said.
“We don’t want to draw down at this stage and accumulate unnecessary debt, even at concessionary terms,” Amunugama said in a telephone interview today from the capital, Colombo. “We have enough foreign exchange now.”


The Washington-based lender on June 28 approved the release of about $408 million to Sri Lanka under a $2.5 billion standby loan program approved in July 2009. The IMF has so far lent about $1.02 billion.

The island nation turned to the IMF last year to replenish its foreign-exchange reserves. They have since risen to an unprecedented $5.8 billion amid aid and investment flows.

Template Settings

Color

For each color, the params below will be given default values
Blue Oranges Red

Body

Background Color
Text Color

Header

Background Color

Spotlight3

Background Color

Spotlight4

Background Color

Spotlight5

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction