Sri Lanka not agreed to any conditions set by IMF for loan release

Sri Lanka did not according to any conditions set by the International Monetary Fund (IMF) in securing the latest loan installment, Deputy Minister of Economic Development and Acting Minister of Mass Media and Information Lakshman Yapa Abeywardena said.
Addressing a press briefing, the Minister said the country is on a successful path to economic recovery achieving a stable economy and accordingly, the IMF has decided to release the seventh tranche of the loan. "The installment was released due to the good financial management of the country and not because Sri Lanka agreed to any condition," he said. With the latest seventh tranche of the loan the global lending authority has granted US$ 2.13 billion to Sri Lanka under the US$ 2.6 billion Stand-By Agreement (SBA) approved on July 24, 2009. The IMF is expected to complete the payment of the SBA in July this year.