Sri Lanka on track to get IMF tranche next week

L to R: Samantha Ranatunga, Chairman, HVA Foods PLC; Jan Müggenburg, Chief Executive Officer, Müggenburg Group; Graham Stork, Chief Executive Officer, HVA Foods PLC; Sarva Ameresekere, Group Chairman, George Steuart & Co. Ltd.

Mar 30, 2012 (LBO) - Sri Lanka is on track to resume a loan program with the International Monetary Fund next week, with preliminary data showing that action taken to break credit and domestic demand are showing results.
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The IMF held back the final two tranches of around 800 million dollars from its 2.
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5 billion dollar bailout facility given after a 2008/2009 balance of payments crisis shortly before Sri Lanka entered the current balance of payments crisis.
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Tranche Track

IMF's resident representative Koshy Mathai confirmed that IMF's board would meet on April 02 to consider a 7th review under the program.

The IMF did not complete the review in September effectively suspending is program asking the central bank not to defend a dollar peg at around 109 rupees.

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Sri Lanka either had to break the peg or raise interest rates to prevent a balance of payments crisis.

A central bank could defend a peg by unsterilized sales of dollars which triggers an automatic rise in interest rates and halt of runaway credit as currency board do.

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But central banks usually engages in sterilized sales of dollars, which involves printing money in large volumes by buying up government Treasury bills to stop interest r

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