IMF Approves More Funds For Sri Lanka
By Jessica Holzer, Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- The International Monetary Fund's executive board
approved another release of funds to Sri Lanka under an arrangement to help the
South Asian country avoid a balance-of-payments crisis.
The IMF will release immediately about $329 million to Sri Lanka, bringing the
total funds disbursed under the agreement since July to about $659 million.
The agreement was approved on July 24 for about $2.6 billion.
Sri Lanka's performance under the arrangement is "encouraging," Takatoshi
Kato, IMF Deputy Managing Director and Acting Chair, said in a statement. "
Recent economic developments have been stronger than expected, and the near-term
outlook has improved."
However, he added that the country still needs to address "fundamental
vulnerabilities."
-By Jessica Holzer, Dow Jones Newswires; 202-862-9228; jessica.holzer@
dowjones.com
(END) Dow Jones Newswires
11-06-091741ET
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