Open Sesame

The Fund
quote s Executive Board would decided when to release the balance funds, once it evaluates the budget proposals for fiscal reforms that are mainly aimed at lowering the deficit, IMF
quote Jeremy Carter said in an interview today.

rnrnThe balance is likely to come in two equal tranches, one immediately after the budget and the other after another review in June.

rnrnCarter who lead a five member IMF fact finding mission to Sri Lanka, also indicated a long-term facility under the Poverty Reduction and Growth Facility (PRGF) programme during the latter half 2002, based on the government
quote s poverty reduction strategy.

rnrnCommenting on the last year
quote s deficit, which exceeded the IMF set target of 8.5 percent of GDP by about 2 percent, Carter said both internal and external events during 2001 were unfavorable towards achieving the target.

rnrnCommenting about the economic outlook for 2002, Carter forecasted GDP growth at 3 percent to 4 percent, saying a higher growth rate would need l