Central Bank begs for money from IMF

Posted on March 5th, 2009 at 9:42 am

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Do you know that the Central Bank has issued a statement saying they will seek financial assistance from International Monetary Fund?

As many believed that this sort of action is not permitted under the vision of “Mahinda Chinthanaya”, some experts have pointed out that this is inevitable under the present economic downturn. Read the related article from infoSL.com-DYK here.

Central Bank of Sri Lanka is requesting for approximately US$ 1.9 Billion which is 3 times the quota allocated for Sri Lanka by IMF.

Following is the statement released by Central Bank.

“In response to an offer of the International Monetary Fund (IMF) to support Sri Lanka during the current global financial crisis, the Government of Sri Lanka (GOSL) has sought a Stand-by Arrangement from the IMF, in the range of 300 per cent of Sri Lanka’s current quota with the Fund, which amounts to approximately US$ 1,900 million.”

Read the full article here.