The International Monetary Fund (IMF)’s next review of the Sri Lankan economy and monetary policies will take place on June 4 ahead of final approval for the last US$400 million installment, a top official said.
“We met Naoyuki Shinohara, Deputy Managing Director of the IMF and discussed the way forward. It was agreed that the next review will be on June 4,” Central Bank Governor Ajith Nivard Cabraal told the Sunday Times by telephone from Washington yesterday.
The Governor along with Senior Minister Sarath Amunugama and other officials is in the US attending the annual sessions of both the Fund and the World Bank. The US$2.6 billion Stand-By Arrangement (loan) to Sri Lanka is due to end in July this year.
Mr Cabraal said World Bank for current projects will continue while the IMF programme is on track. “We met with many investors who have already invested in Sri Lanka and updated them on the economy,” he said adding that general satisfaction has been expressed all around (by the IMF and World Bank).
The Sunday Times learns that the World Bank board is due to consider for approval in the second week of May the Bank’s Country Partnership Strategy (CPS) which sets out funding of local projects over a 5-year period (2012-2016). –ENDS-
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