BY YOSHITHA PERERASri Lanka stands to receive an allocation of $ 780 million by the end of August, through the International Monetary Fund’s (IMF) new Special Drawing Rights (SDR) proposal, pending approval from the IMF Board of Governors. Under the proposal, due to be reviewed in early August, Sri Lanka is entitled to 0.12% of the disbursement fund which amounts to over Rs. He noted: “The SDR allocation is a unique instrument that would benefit all IMF member countries including Sri Lanka. Once approved, the new SDR allocation will be distributed, unconditionally, to all members that participate in the SDR Department according to their quota shares. He further added that the RFI which provides rapid assistance to countries with urgent balance of payments needs, is yet another example of IMF lending.

Source: The Nation July 24, 2021 18:56 UTC