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The IMF board has given the green light to enter into 48 monthly IMF programs which will unlock USD 3Bn funding out of which USD 333Mn will be immediately available. Previously Sri Lanka had 16 agreements which were placed for 28 years.
Globally, 38% of IMF programs were terminated prematurely over the period 1980-2015. The historical figure for Sri Lanka is a little higher and close to 50%. In most of the previous agreements, the government committed to increasing public revenue as a proportion of GDP. In each case, the revenue targets were missed substantially.