Sri Lanka receives US$ 780 million from IMF

IMF logo

Sri Lanka’s foreign reserves were strengthened by US$ 780 million yesterday (23) upon the receipt of its 0.12 per cent special drawing rights (SDR) allocation from a total sum of $ 650 billion disbursed by the International Monetary Fund (IMF) for distressed countries like Sri Lanka impacted by the COVID-19 Pandemic.

Sri Lanka’s foreign reserves, at US$ 2,833.5 million as at last month end (July), is currently at a 12-year and four month low with a figure lower than this last seen at the height of the war against the LTTE terrorists, where reserves fell to $ 1,082 million by 31 March 2009.

But consequent to Sri Lanka clinching a $ 2.6 billion facility from the IMF in July 2009 and the foreign investor confidence facility boosted therein, Sri Lanka’s reserves ended 2009 at a healthy level of $ 5,097 million.

(Source: Ceylon Today – By Paneetha Ameresekere)