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IMF focuses on profit over morals

September 23, 2009

AFP IMF satisfied with Sri Lanka’s economic performance

The IMF, in a statement at the conclusion of a two-week staff mission to Colombo, said that “recent economic developments have been stronger than expected.”

“The government’s policy approach has been in line with the program, and performance based on the program’s July targets has been broadly satisfactory,” the Washington-based institution said.

“Net international reserves continue to show impressive growth driven by an increase in investor confidence and stronger than expected remittances.”

…A second disbursement of the loan depends on further reviews and approval of the executive board.

Despite an array of criticism against the loan, the IMF succeeded in obtaining the approval of the executive board, its top decision-making body composed of 24 countries or groups of countries, by obtaining the abstention of its biggest members, which had reservations about the proposal.

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