Foreign reserves up - Finance and State Revenue Minister

Uditha KUMARASINGHE and Irangika RANGE

Finance and State Revenue Minister Ranjith Siyambalapitiya told Parliament yesterday the need to obtain the US$ 1.9 billion IMF loan is dwindling because the country's foreign reserves have gone up.

The Minister said the country's foreign reserves are rising due to efforts made by the Government to defeat terrorism.

The country has successfully passed the crucial period where it urgently needed such financial assistance.

However, Minister Siyambalapitiya was optimistic that this IMF loan would be approved for Sri Lanka so that it would facilitate to further strengthen our foreign reserves.

The Minister was responding to a supplementary question raised by UNP MP Ravi Karunanayake.