IMF (International Monetary Fund) organization has released the first installment of the loan to Sri Lanka. The loan installment is of $164.1 million out of total $1.5 billion loan amount. The primary motive behind the allocation of credit to Sri Lanka is to provide the government with financial relief to serve the people victimized in Easter Sunday which took 256 lives. However, several commercial platforms are providing the installment loans to the victims such as Slick Cash Loan that provides installment loans.
IMF said, “The loan program, begun in June 2016, would be extended by a further year, With the status quo restored, the administration has been able to present a “well-targeted 2019 budget, rebuilding reserves, while maintaining a prudent monetary policy. ”
The loan program was officially started in June 2016, and the first installment was about to come in October of the last year, but the power struggle between the prime minister and president delayed the first installment. Sri Lanka government has estimated that the country will lose $1.5 million in revenue due to the terrorist attack held on April 21. Official figures show that Sri Lanka has to pay $5.9 billion to foreign financial agencies by 2019.
IMF has already given a call to Sri Lanka government to privatize its loss-making national transport carrier Sri Lankan Airlines. But the government has failed to privatize the airline and is now looking for a partner who can float the airline.
