IMF extends Lanka's loan repayment period

The decision has been taken in respect of the enormous damage caused to the island nation during the Dec 26 tsunamis.

The International Monetary Fund (IMF) has approved the extension of repayment expectations by Sri Lanka arising in the remainder of 2005, in respect of the enormous damage caused to the island nation during the December 26 tsunamis.

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"The Executive Board of the International Monetary Fund (IMF) has approved the extension of repayment expectations by Sri Lanka arising in the remainder of 2005, in the amount of SDR 74.2 million (about USD 113.5 million)," the IMF said in a statement on Thursday.

Sri Lanka itself requested the extension following the tsunami disaster on December 26 that caused enormous damage to life and property, fundamentally altering the outlook in Sri Lanka for 2005 and further increasing economic vulnerability, it said.