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IMF Approves More Funds For Sri LankaBy 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 Copyright (c) 2009 Dow Jones & Company, Inc. |
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