Arab Today, arab today sri lanka drops imf loan bid over spending dispute
Last Updated : GMT 14:45:24
Arab Today, arab today
Arab Today, arab today

Sri Lanka drops IMF loan bid over spending dispute

Arab Today, arab today

Arab Today, arab today Sri Lanka drops IMF loan bid over spending dispute

Colombo - AFP

Sri Lanka on Tuesday dropped plans for a fresh $1.0-billion loan from the International Monetary Fund following disagreements over how the money should be spent, the central bank said. The government announced last month that it was seeking a new cash infusion from the IMF after drawing down a previous $2.6-billion bailout loan six months ago. \"Sri Lankan authorities have decided not to pursue a new programme with the IMF, but to continue maintaining the close relationship with the Fund under standard consultation processes similar to many other member countries,\" the central bank said. Treasury chief Punchi Banda Jayasundera had said he wanted the new IMF loan to spend on infrastructure while the US-based lender was only willing to hand over money to bolster the bank\'s foreign reserves. \"The IMF has indicated that the Fund may not be in a position to consider any direct or indirect budget support to Sri Lanka,\" the bank statement said. Money for foreign reserves is not meant for immediate spending, but serves to enhance a country\'s creditworthiness. An IMF team is currently in Colombo conducting annual consultations with Sri Lankan authorities. The 2009 IMF bailout was secured when Sri Lanka\'s foreign reserves crashed to a dangerously low level of $1 billion. They now stand at a comfortable $7 billion. The bank also announced on Monday that Sri Lanka\'s new taxes on cars and luxury goods had helped reduce imports last year and narrow the huge trade deficit. Faced with a balance of payments problem in 2011, the government hiked car imports by up to 300 percent, stopped credit for luxury imports and allowed the local currency to depreciate sharply by nearly 20 percent. The government has revised down its growth estimate for 2012 from 7.2 percent to 6.5 percent. Sri Lanka\'s economy grew 8.3 percent in 2011, up from 8.0 percent in 2010, the first full year after government forces crushed Tamil rebels bringing an end to the island\'s ethnic war.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sri lanka drops imf loan bid over spending dispute Arab Today, arab today sri lanka drops imf loan bid over spending dispute

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday