IMF Staff Country Reports

Sri Lanka : First Review Under the Stand-By Arrangement: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Sri Lanka

Author/Editor:

International Monetary Fund

Publication Date:

August 6, 2010

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Sri Lanka’ performance under the Stand-by Arrangement is encouraging, but fundamental vulnerabilities remain. Executive Directors emphasized the need for strict adherence to program targets and steadfast implementation of the reform agenda. They commended deficit reduction and planned fiscal reforms through expenditure restraint and tax reform for simplifying the system. They appreciated the improvement in financial sector reform brought about by improving the bank resolution framework. They emphasized that post-war reconstruction needs should be met by diverting budget resources from military activities, as well as through donor financing.

Series:

Country Report No. 10/260

Subject:

Announcements Bank resolution Bank supervision Banking sector Budget deficits Economic indicators Fiscal policy Monetary policy Political economy Reserves accumulation Sri Lanka Staff Reports Stand-by arrangement reviews Tax policy