Sunday, May 31, 2009

Opposition to IMF loan waning

(ST)International opposition to Sri Lanka’s request for a $1.9 billion IMF standby facility appears to be waning while on the other hand there is no immediate urgency for the facility, Central Bank officials and analysts said.

“The US position has changed in recent weeks,” said Central Bank Governor Ajith Nivard Cabraal, adding that Central Bank foreign exchange (forex) reserves have improved in the past fortnight after the end to nearly three decades of conflict. Full text