Sri Lanka

The International Monetary Fund has approved the immediate release of some USD212.5 million from Sri Lanka’s USD1.2 billion standby agreement. The disbursement’s approval follows the completion of the IMF executive board’s fourth review of the country’s economic performance under a program supported by the agreement. Deputy Managing Director Murilo Portugal, also the acting chair of the IMF’s executive board, said Sri Lanka has been performing satisfactorily under the fund’s program. He added that the country’s financial reform agenda is on track but noted that further strengthening of Sri Lanka’s monetary policy is necessary to sustain macroeconomic stability.

About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.