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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Sri Lanka's need for IMF wanes: Central Bank AFP - Saturday, July 4 COLOMBO (AFP) - - Sri Lanka's central bank chief said that the island could live without a major IMF bailout that had been delayed by the final stages of the government's fight with Tamil Tiger rebels. ADVERTISEMENT The government had requested the 1.9-billion-dollar loan in March to help stave off its first balance of payments deficit in four years after foreign currency reserves fell to around six weeks' worth of imports. The loan was delayed under political pressure from the United States, Britain and other countries who felt the government was not doing enough to avoid civilian casualties as it closed in on the remnants of the once-powerful Tamil Tiger army. Central Bank of Sri Lanka Governor Nivard Cabraal said the final defeat of the Tigers had helped alleviate the island's balance of payments concerns. "Things are looking good after the war. The urgency for an IMF loan is not there anymore," Cabraal told AFP. "We have over 1.6 billion dollars in reserves, enough to pay for over two months of imports. And the figures are steadily climbing," Cabraal said. Foreign reserves, which fell by more than two thirds when the central bank sold dollars to defend the local rupee last year, had climbed to 1.3 billion dollars by the end of April, according to central bank figures. Cabraal said inflows had come from higher remittances, donor funds and foreign investors buying rupee-denominated treasury bills and bonds. The bank has also raised cash by selling dollar debt. But he said some investors would still be more comfortable with an IMF loan. "If the IMF funds come, it will give us a comfortable buffer stock. I hope we get it. But we are otherwise in a comfortable position right now," he said. The IMF on Thursday said Sri Lanka's loan was still pending before the executive board which has yet to set a date to consider the application. "Discussions are continuing," IMF spokesperson Caroline Atkinson told reporters in Washington, adding: "We don't have a date for an executive board meeting at present on Sri Lanka." Sri Lanka crushed the militant Tamil Tigers -- who had been fighting to carve out a separate state for minority Tamils since 1972 -- in mid-May by killing the leadership of the rebels, including supremo Velupillai Prabhakaran. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Sri Lanka's need for IMF wanes: Central BankAFP - Saturday, July 4 China fund to buy $1.5 bln stake in Canadian minerAFP - Saturday, July 4 Teck to sell 17 percent stake to China for C$1.74 billionReuters - Saturday, July 4 Chinese oil groups eye stake in Spain's YPF: reportsAFP - Saturday, July 4 Related Articles: Business BT offers staff time off in exchange for pay cutAP - 1 hour 16 minutes ago Ruling favors Antiguan receiver in Stanford caseAP - 1 hour 31 minutes ago GM Europe: Talks on selling Opel near completionAP - 1 hour 57 minutes ago GM Europe head says to sell Opel to Magna soon: reportReuters - 1 hour 58 minutes ago Rescuers find debris of Yemenia aircraft-ministryReuters - 2 hours 3 minutes ago Enlarge Photo Sri Lanka's need for IMF wanes: Central Bank Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Jackson fans told to stay away as tickets up for grabs The daily grind: Sex for a week boosts sperm quality Schwarzenegger declares emergency in California Questions mount over Jackson animal kingdom Jailed Madoff's New York penthouse seized View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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