Lanka Business Online
Friday February 14, 2020
The Cabinet has approved the decision to contribute 163 million rupees as a total contribution from Sri Lanka for the arrears amounts recovery and loan concessionary package for the reformation process of Somalia.The International Monetary Fund (IMF) has passed this policy of Burden Sharing Mechanism by its governing body as a method to reimburse the income lost for to the fund due to non-settlement of charges by its members for various reasons.
Therefore, the fund has requested Sri Lanka and its other member nations to contribute the internal resources of the member nations for the arrears amounts recovery and loan concessionary package for Somalia which was approved in December 2019.
The Cabinet proposal was presented by the Minister of Finance, Economic and Policy Development.