Sri Lanka receives US $ 2.5b IMF loan
Far more than US $ 1.9b applied for:
Uditha Kumarasinghe and Irangika Range
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Minister Siyambalapitiya
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Finance and State Revenue Minister Ranjith Siyambalapitiya told
Parliament yesterday that the International Monetary Fund (IMF) has
reached a final agreement to grant a loan amounting to US $ 2.5 billion
to Sri Lanka.
Accordingly, the first instalment of the loan is due to be granted to
Sri Lanka on July 24, the Minister said.
“Though Sri Lanka applied for a loan of US $ 1.9 billion, the IMF has
pledged to grant a loan amounting to US $ 2.5 billion. Meanwhile, the
IMF will pay the loan in three instalments.
“The interest rate of the loan would be 0.5 percent which is a very
low rate,” he noted. Minister Siyambalapitiya made these remarks during
the debate on three Supplementary Estimates.
The Minister further said that the IMF is satisfied with Sri Lanka’s
ongoing development and welfare activities. “That is why it has not
imposed any condition to cut off welfare programs as a condition for
approval of the loan,” the Minister explained.
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