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IMF sanctions funds for Sri Lanka
29 June 2010: The Executive Board of the International Monetary Fund (IMF) on 28 June 2010 completed the second and third reviews of Sri Lanka's economic performance under a program supported by a Stand-By Arrangement (SBA) and approved an immediate disbursement of $ 407.8 million (approx Rs 1,875.88 crore).
The IMF announced that with the current amount about $1.0194 billion has been awarded to Sri Lanka under the $ 2.5 billion Stand-By Arrangement approved in July 2009.
The Executive Board has also approved a request by the Sri Lankan authorities for a one-year extension of the SBA due to the recent delay in the program. The future disbursements will accordingly be made in seven equal amounts of about $ 203.9 million.
Source: Colombopage