{"id":161479,"date":"2016-04-29T15:07:48","date_gmt":"2016-04-29T09:37:48","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=161479"},"modified":"2016-04-29T15:07:49","modified_gmt":"2016-04-29T09:37:49","slug":"stock-market-booms-following-imf-loan","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/stock-market-booms-following-imf-loan\/","title":{"rendered":"Stock Market Booms Following IMF Loan"},"content":{"rendered":"<p>The usually dreary <a href=\"https:\/\/www.colombotelegraph.com\/?s=Colombo+Stock+Market&amp;x=10&amp;y=2\"><span style=\"text-decoration: underline;\">Colombo Stock Market<\/span><\/a> was a hive of activity today, as the All Share Price Index crossed the 6500 mark, moving up 58 points, following the announcement of a US $ 1.5 billion bail-out from the International Monetary Fund (<a href=\"https:\/\/www.colombotelegraph.com\/?s=IMF&amp;x=9&amp;y=8\"><span style=\"text-decoration: underline;\">IMF<\/span><\/a>).<\/p>\n<div id=\"attachment_161480\" style=\"width: 186px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.colombotelegraph.com\/index.php\/stock-market-booms-following-imf-loan\/imfs-chief-for-sri-lanka-todd-schneider\/\" rel=\"attachment wp-att-161480\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-161480\" class=\"size-full wp-image-161480\" src=\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2016\/04\/IMF\u2019s-chief-for-Sri-Lanka-Todd-Schneider.jpg\" alt=\"IMF\u2019s chief for Sri Lanka, Todd Schneider\" width=\"176\" height=\"240\" \/><\/a><p id=\"caption-attachment-161480\" class=\"wp-caption-text\">IMF\u2019s chief for Sri Lanka, Todd Schneider<\/p><\/div>\n<p>The IMF today agreed to a US $ 1.5 billion loan for Sri Lanka in support of economic reforms aimed at reversing a two-decade decline in tax revenue and reviving growth. IMF\u2019s chief for Sri Lanka, Todd Schneider, said an agreement was reached to release $1.5 billion over a three-year period in support of the country\u2019s reform agenda.<\/p>\n<p>\u201cI am pleased to announce that, in support of the government\u2019s economic reform agenda, the Sri Lankan authorities and the IMF have reached a staff-level agreement on a 36-month Extended Fund Facility (EFF) for 185 percent of Sri Lanka\u2019s quota in the IMF (about SDR 1.1 billion or US$1.5 billion). This agreement will be subject to completion of prior actions and approval by the IMF\u2019s Executive Board, which is expected to consider Sri Lanka\u2019s request in early June. Formal approval of the EFF is expected to catalyze an additional US$650 million in other multilateral and bilateral loans, bringing total support to about $2.2 billion (over and above existing financing arrangements),\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":161480,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,1,2375],"tags":[],"class_list":["post-161479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-colombotelegraph","category-news","category-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stock Market Booms Following IMF Loan - Colombo Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.colombotelegraph.com\/index.php\/stock-market-booms-following-imf-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stock Market Booms Following IMF Loan - 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