IMF staff mission to Sri Lanka in November

An IMF staff mission is expected in Sri Lanka in November 2010 to conduct the next review under the Stand-By Arrangement (SBA) programme, the Colombo Page reported, citing Government sources.

The sixth installment of the SBA is expected to be released on completion of the review.

Sri Lanka’s performance under the programme has been satisfactory as overall economic conditions are improving and the economy is likely to show strong growth this year on the back of improved fundamentals and political stability, the IMF said, after completing the fourth review in September.

The IMF says the 2011 Budget will be the key to demonstrate the Government’s continued commitment to the programme’s goals.

The IMF approved the SBA for Sri Lanka in July 2009. So far, under the programme, Sri Lanka has received five instalments totalling US$ 1.275 billion, out of the total facility of approximately US$ 2.6 billion.