Nov 13, 2016

Second installment of IMF loan in dispute! Featured

Sri Lanka’s getting the 170 million US dollar second installment of the line of credit by the IMF is in dispute, say sources in the IMF Colombo office.

That is because the government has failed to meet the targets agreed upon with the IMF relating to state revenue and expenditure targets.

The agreement has been to maintain the budget deficit at 4.7 per cent, restrict expenditure and maintain revenue at projected levels.

The IMF has informed the government that the second installment would be delayed until it examined the 2017 budget document.

A proposal for the installment payment is due to be submitted at a meeting of the IMF’s directors on November 17.