Press Release: IMF Approves Sri Lanka's Request for Extension of Repayment Expectations
January 13, 2005
The Executive Board of the International Monetary Fund (IMF) today approved the extension of repayment expectations by Sri Lanka arising in the remainder of 2005, in the amount of SDR 74.2 million (about US$ 113.5 million).
Sri Lanka requested this extension following the tsunami disaster on December 26 that caused enormous damage to life and property, fundamentally altering the outlook in Sri Lanka for 2005 and further increasing economic vulnerability. The extension of repurchase expectations to the Fund will lower debt service payments to the IMF by about US$ 113.5 million in 2005.