The International Monetary Fund (IMF) headquarters building is seen in Washington, DC in this May 15, 2011. (AFP PHOTO/YURI GRIPAS)
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Sri Lanka's economy has begun to stabilize after securing a $1.5 billion bailout earlier this year, but the island needs to build its dwindling foreign reserves, the IMF said Saturday."Sri Lanka's performance under the Fund-supported program has been broadly satisfactory despite challenging circumstances," IMF's Acting Chair and Deputy Managing Director, Tao Zhang, said in a statement.He said the IMF on Friday released $162.6 million to Sri Lanka as the second tranche of its bailout that will be disbursed over three years.
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