IMF team to meet the media

An IMF team, currently in Sri Lanka to review progress on the $2.6 billion loan facility, will meet the media tomorrow at a news conference arranged by the Central Bank (CB), Bank officials said.

This is the first time the team, which has visited Colombo many times before the loan or Standby Arrangement (SBA) was approved in July, is meeting the media in Colombo.

Sri Lanka received $322 million in the first instalment on July 27 and seven other equal tranches are due thereafter after quarterly reviews of the economy are undertaken by a visiting team.

The second tranche is due in October. CB officials said all targets in the first quarter of the 20-month SBA have been met. CB

K.G.D.D. Dheerasinghe, who is on secondment to the IMF where he is one of the Alternate Directors, is also expected to be present at Monday’s briefing.

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