International Monetary Fund Source:Dailymirror The staff level agreement between Sri Lanka and the International Monetary Fund (IMF) which was arrived at on September 1 last year, was to be approved by the IMF Executive Board yesterday and the government has expressed confidence that Sri Lanka will receive the first tranche of the Extended Fund Facility (EFF) under the agreement which is a 48-month arrangement. The country which declared bankruptcy due to its inability to repay the foreign loans in April last year is totally depending now on the bailout package of the IMF for the economic recovery. In spite of the recent appreciation of rupee for a brief period in early March, the country is still facing a severe shortage of foreign exchange to repay its foreign loans which run into around US$50 billion and to import essential items such as fuel and life-saving drugs and ingredients for local industries. ...