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Sri Lanka seeks another US$500mn from IMF
Thursday, 31 May 2012 - 3:55 PM SL Time
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On completion of the International Monetary Fund (IMF) Standby Arrangement (SBA) of US$2.6 billion next month, Sri Lanka will start negotiations with the IMF for another US$500 million Security Arrangement (SA), International Monetary Cooperation Senior Minister Sarath Amunugama said yesterday.
This will be an important policy support for the government as it faces some critical issues like rising prices in fuel and other commodities in the global market, the senior minister said. The SBA with the IMF will end with the release of the final tranche of some US$ 500 million. The IMF programme with Sri Lanka for the release of US$2.6 billion has been judged to be a confidence booster on Sri Lanka by the global lending agencies.
Dr. Amunugama said several other borrowers like Spain, Portugal, Greece and Maldives had ended midway their SBA with the IMF because of the difficulty in carrying out policies with regard to the global financial crisis.
He said on the completion of the SBA, discussions would be held to obtain US$500 million as a Security Arrangement with the IMF to enable Sri Lanka to access funds in case of emergency needs.
Dr. Amunugama said Sri Lanka was on the right path with regard to its economy. He said its financial and economic management was under control and was well on its way to achieving the target of 7.2 per cent GDP for this year.
There is no doubt that the IMF will respond positively to Sri Lanka s request for a Security Arrangement of US$500 million to improve the country s foreign reserves and face with confidence any possible global economic or financial upheaval.
What is most important is that Sri Lanka has never defaulted on its repayment obligations and is reputed to be a country that fulfills it loan agreements with international donor agencies, Dr. Amunugama said.
He said an IMF officials are due in Sri Lanka next week to discuss the final tranche of the US$2.6 billion SB arrangement approved in 2010.
Meanwhile, a Central Bank Economic Research Department spokesman said Sri Lanka had received about US$2.1 billion in eight instalments and IMF officials would arrive in Sri Lanka to review and negotiate the release of the final instalment of US$500 million.
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EEELamaya
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 31 May 2012 09:02:02 GMT Report for Abuse
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The day Jingala Muniya begs for US$ Millions from Eezham is getting closer...!
Today IMF, but in 100 Years they be begging Eezham..!
Edited By - EEELamaya - 31 May 2012 09:02:52 GMT |
Damed
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 31 May 2012 11:04:04 GMT Report for Abuse
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The United Kingdom should immediately suspend deportations of ethnic Tamil asylum seekers to Sri Lanka and review its policies in assessing these claims, Human Rights Watch said today. The next scheduled deportation of Tamils from the United Kingdom to Sri Lanka is due to take place on May 31, 2012.
Investigations by Human Rights Watch have found that some failed Tamil asylum seekers from the United Kingdom and other countries have been subjected to arbitrary arrest and torture upon their return to Sri Lanka. In addition to eight cases in which deportees faced torture on return reported inFebruary, Human Rights Watch has since documented a further five cases in which Tamil failed asylum seekers were subjected to torture by government security forces on return from various countries, most recently in February 2012. The British government s asylum procedure is failing to identify Tamils at risk of torture upon return to Sri Lanka despite growing evidence that torture of Tamil activists deported from abroad occurs, said David Mepham, UK director at Human Rights Watch. Until the government can fairly and thoroughly assess asylum claims based on up-to-date human rights information on Sri Lanka, it should suspend returns.
Thank You UK....Please take back all of them whom you brought in.
Edited By - Damed - 31 May 2012 11:06:05 GMT |
rswkv
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 31 May 2012 11:16:58 GMT Report for Abuse
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| Another 500m $ down the pallan.. Magodi Thuma will be the richest in the world after few years of fooling the Ambaruwas.. |
slmate
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31 May 2012 12:10:14 GMT Report for Abuse
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Sri Lanka currently has the lowest level of debt in 3 decades at 78% of GDP...
Ranil Wickremasinghe's government destroyed Sri Lankan economy by selling the country with a debt level of 103% of GDP...
Year Debt to GDP%
2000 - 95.1
2001 - 96.9
2002 - 103.2
2003 - 102
2004 - 102.3
2005 - 102.3
2006 - 90.6
2007 - 88.7
2008 - 85
2009 - 84
2010 - 81.9
2011 - 78
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Dewey
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 31 May 2012 12:22:58 GMT Report for Abuse
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Interesting stat. I hope those are not cooked up by Cabraal.
Also, borrowing more money to cover fuel cost is a waste in my opinion. You should borrow money to invest in infrastructure etc. Not just to spend on oil. That too, oil prices are going down now.
Edited By - Dewey - 31 May 2012 12:24:23 GMT |
slmate
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31 May 2012 12:31:57 GMT Report for Abuse
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IMF bullish on Sri Lanka
- March 20, 2012
http://www.zimbio.com/Sri+Lanka/articles/Q3kogxTKuqZ/IMF+bullish+on+Sri+Lanka
International Monetary Fund (IMF) Sri Lanka Resident Representative Dr. Koshy Mathai reiterated the fund s stance on the recent policy reversals of the Central Bank regarding the exchange rate and interest rates and the government s decision to increase domestic fuel prices, saying the policy moves were encouraging and could help the economy.
Addressing a special forum convened by HSBC Sri Lanka yesterday morning, Dr. Mathai said that Sri Lanka s economy was in strong position compared with many other economies in the world. 'Right now there is not much to worry about and I have a lot of optimism. We remain bullish on Sri Lanka s economic growth prospects. Inflation is low, the debt to GDP ratio is declining, and the government is committed to brining down the fiscal deficit.'
The debt to GDP ratio which was over 108 percent several years ago had declined to 78 percent last year. The deficit which was at 9.9 percent of GDP in 2009 is expected to be brought down to 6.8 percent in 2011.
Edited By - slmate - 31 May 2012 12:33:28 GMT |
MaKaSo
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 31 May 2012 14:36:19 GMT Report for Abuse
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discussions would be held to obtain US$500 million as a Security Arrangement with the IMF to enable Sri Lanka to access funds in case of emergency needs.
yeaahh baby..just in case. |
Libertyforall
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31 May 2012 14:38:07 GMT Report for Abuse
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| Srilankan government is Sinking day by day because of government expences are more than it can be maintaind. Gurantee of this regeme will be 2 years. |
AnuD
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31 May 2012 15:44:06 GMT Report for Abuse
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People Don't want to understand. Even developed small countries Japan and Denmark had made very difficult for citizens to buy automobiles. In Denmark the Tax for buying a Car is 300%. So, AmsterDam, Denmark Capital has mostly Bicycles. In Japan where people are very rich in comparison to Sri Lankans the major transpost is the Train.
In Sri Lanka, the major employer is the govt and the govt is doing nothing in manufacturing and exporting. So, it is the printed money and the $8 billion of money sent by Middle Eastern working maids who pay the salaries of the govt workers.
On top of that, Since 2009, govt allowed massive number of automobiles to Sri Lanka which could have spent billions on that. This year alone oil had been imported worth $ 5 billion.
Govt leaders do not know what to do. They don't appoint capable people as bureaucrats and the those who are capable are just puppets. Instead, they make a mess and country can develop if the leaders have a brain and are not cheating to the people in every way possible. |
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