Sri Lanka on Friday received a US$ 567 mn concessionary aid package from the International Monetary Fund.
The funds will be disbursed over a three-year period under the IMFs Poverty Reduction and Growth Facility (PRGF) and Extended Fund Facility (EFF), the fund said in a statement on Friday.rn
rnThe IMF said funds amounting to SDR 413.4 mn will support the governments economic reform programme from 2003-6. Of this amount, SDR 269 mn (about US$369 mn) is available under the PRGF, and SDR 144.4 mn (about US$198 million) is available under the Extended Fund Facility (EFF). rn
rnFridays board decision will enable Sri Lanka to draw SDR 59.06 mn (about US$81 mn) from the IMF immediately.rn
rnThe PRGF is the IMFs concessional facility for low-income countries. It is intended that PRGF-supported programs are based on country-owned poverty reduction strategies adopted in a participatory process involving civil society and development partners and articulated in a Poverty Reduction Strategy Paper (PRSP). r