International Monitory Fund (IMF) announced that an emergency assistance of US$157.5 million was approved for Sri Lanka in March for tsunami reconstruction work.
“The approved amount became available immediately,” IMF said.
In its twice-yearly assessment issued on Wednesday, IMF said Sri Lanka’s recovery however could take much longer than expected.
Sri Lanka lost nearly two thirds of its fishing fleet and the agriculture has also been damaged in some small areas, the assessment said.
IMF said the damage to Sri Lanka by the Indian Ocean Tsunami is estimated at 4.5% of the GDP.
According to early indications Sri Lankan economy was expected to record a 6% growth rate in 2005. But the IMF said it has now lowered to 5.25% due to tsunami. Full Story