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Sri Lanka receives US $ 2.5b IMF loan

Far more than US $ 1.9b applied for:



Minister Siyambalapitiya

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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