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IMF to discuss Sri Lanka’s debt repayment terms

[TamilNet, Tuesday, 12 October 2010 07:48 No Comment]

A delegation from the International Monetary Fund (IMF) is scheduled to visit Sri Lanka next month, state owned Dinamina newspaper said in a front page report. During the visit, the delegation will meet with government official to discuss terms related to debt repayment and other issues related to the island’s economic revival, the paper said.

Since the recent past, the Mahinda Rajapaksa government has been borrowing heavily from the IMF.

IMF has lent Sri Lanka 1275 million US dollars since June 2009. IMF has given out five separate loans since mid last year.

In late September, the IMF agreed to release around 213 million dollars to Sri Lanka which was aimed to replenish the country’s dwindling foreign reserves.

In 2009 Sri Lanka sought an IMF bailout worth 2.6 billion dollars to avert its first balance of payments crisis after the island’s foreign reserves slipped to under a billion dollars last year.

The loan was approved two months after the military defeated the LTTE in a controversial end to the country’s three decade long ethnic conflict.

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