Sri Lanka IMF targets waived due to lack of data: official

Apr 05, 2011 (LBO) – Sri Lanka’s requirement for targets under an International Monetary Fund was “waived” because data was not available in time and not because they were missed, an official said. IMF’s Colombo representative Koshy Mathai said the lender gave the latest tranche despite the data not being available all the indications pointed to the Sri Lanka being on track with the program.

In the future IMF’s executive board will review the country’s progress only every six months, instead of the current quarterly basis.

As the program was moving smoothly the executive board itself would be monitoring Sri Lanka “less intensively” he said though review teams will come to the island every quarter as usual.