Sri Lanka gets $ 415 million bailout from IMF

(The Economic Times) The IMF has released a final $ 415 million bailout to Sri Lanka, but the country’s Central Bank said it needs more financial support from the global lender for its economic development agenda.

The IMF yesterday released the ninth and last tranche of a $ 2.6 billion loan to Colombo. The bailout package extended to Sri Lanka in July 2009, two months after the military battle with the LTTE ended.

"The Sri Lankan authorities now look forward to the continued close agreement with the IMF and intend to discuss the possibility of financial support for its economic development agenda under and extended fund facility (EFF)," the Central Bank said.

The stand by facility was meant to rebuild external reserves, boost up fiscal position, maintain monetary stability and fortify domestic financial system.

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