Sri Lanka: Third Review under the Extended Arrangement under the Extended Fund Facility and Request for Modification of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka

International Monetary Fund

No 2018/003, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses Sri Lanka’s Third Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criterion (PC). Performance under the program has remained broadly on track since the second review despite a series of weather-related supply shocks. All end-June and continuous PCs are met. Revenue mobilization has helped meet the quantitative fiscal targets, while strong capital inflows have supported the buildup of international reserves. The budget targets a primary surplus of 1 percent of GDP and frontloads fiscal consolidation toward the authorities’ objective of reducing the overall fiscal deficit to 3.5 percent of GDP by 2020.

Keywords: ISCR; CR; SDR; disbursement of the equivalent of SDR; monetary policy; discussion of the review; government; Sri Lanka's performance; Sri Lankan authorities; central bank; government assets; Credit; International reserves; Global; Middle East; South Asia (search for similar items in EconPapers)
Pages: 95
Date: 2018-01-12
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