Sri Lanka has successfully achieved the key September 2010 programme targets, namely, Net International Reserves (NIR), Reserve Money (RM) and Net Domestic Financing (NDF) under the IMF-SBA (International Monetary Fund – Stand By Arrangement), states the Central Bank.

This outcome indicates the successful progress Sri Lanka has made since the approval of the SBA facility in July 2009. So far, under the programme, Sri Lanka has received 5 tranches, totalling US dollars 1,275 million, out of the total facility of approximately US dollars 2,600 million, the bank further stated.

An IMF staff mission is expected in November 2010 to conduct the next review under the SBA programme, and the sixth tranche is expected to be released on completion of same.

The Executive Board of IMF on Sep 24 completed the fourth review of Sri Lanka’s economic performance under a program supported by a Stand-By Arrangement (SBA) enabling the immediate disbursement of an amount equivalent to SDR 137.8 million (about US$ 212.5 million).

Following the Executive Board’s discussion on Sri Lanka, Mr. Murilo Portugal, Deputy Managing Director and Acting Chair, stated:

“Sri Lanka’s performance under the program has been satisfactory. Overall economic conditions are improving, and the economy is likely to show strong growth this year on the back of improved fundamentals and political stability. Sustaining high, socially inclusive growth will require substantially higher levels of private investment, underpinned by broad-based structural and financial sector reforms.” Policy Research & Information Unit of the Presidential Secretariat reports.

Courtesy: Ada Derana