Favourable macro economic development:
Stable growth in financial industry:
The conclusion of the review allows the immediate payment of an amount comparable to Special Drawing Rights (SDR) 137.8 million or US $ 218.3 million bringing entire disbursements under the arrangement to a sum equivalent to SDR 1.10 billion or about US $ 1.75 billion. The Executive Board also approved a waiver of applicability for the three end-March performance criteria such as the net international reserve target, reserve money and the net domestic financing of the central government. “A re-phasing of the remaining disbursements was also approved by the Board,” IMF Country Representative Dr Koshy Mathai said yesterday.
Dr Mathai said the IMF was able to spot favourable macroeconomic development in Sri Lanka along with strong growth continuing. The country’s economy is making further progress under the Fund-supported program. Inflation remains in a single digit, and reserves are at a comfortable level. Fiscal position in the country is on the right track and stable growth can be seen in the financial industry. Authorities are also planning to deepen the market opportunities.
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