Sri Lanka has permitted IMF to publish bailout program: minister

July 23, 2009 (LBO) – Sri Lanka has authorized the International Monetary Fund to publish its stand by loan agreement with the island, after it is approved by the lender’s executive board Friday, international trade minister Gamini Pieris said. Under the new stand by arrangement Sri Lanka’s central bank will have access to 2.5 billion US dollars which will be disbursed over 20 months in eight installments of 312 million US dollars, Pieris said.

The final installment would be on March 15, 2011.

“The government of Sri Lanka has authorized the IMF to put in to the public domain all documentation in this regard,” Pieris told reporters Thursday.

“So from tomorrow onwards it will be apparent to everybody that there is no conditionality which is anyway harmful to the country and that it provides a very strong impetus to the development of the nation.”

An annual bill of health on Sri Lanka’s economy following the so-called ‘Article IV’ consultations in 2008, has not yet been published. Economists have charged that authorities have suppressed the document.

A press release was issued by the IMF in early November 2008 following the preparation of the report and with extracts from comments of its organization’s executive board.

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