IMF Staff Country Reports

Sri Lanka: First Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka

December 12, 2023

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Sri Lanka: First Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka, (USA: International Monetary Fund, 2023) accessed October 15, 2024

Summary

As part of the IMF-supported arrangement Sri Lanka has undertaken significant reforms to pave the way out of a deep economic and debt crisis. The economy is showing tentative signs of stabilization, supported by rapid disinflation and a significant fiscal adjustment. Tax revenues have increased but not as much as initially projected, and reserves accumulation has slowed, including due to slow progress on debt restructuring. Continued ownership of reforms is essential to rebuild fiscal credibility and to improve governance and reduce corruption vulnerabilities. The authorities reached agreements in principle (AIPs) with official creditors on debt treatments consistent with program parameters and are in good faith discussions with their private creditors.

Subject: Asset and liability management, Credit, Debt restructuring, Foreign exchange, International organization, Monetary policy, Money, Public debt, Revenue administration

Keywords: Arrangement Sri Lanka, Asia and Pacific, Authorities' effort, Credit, Debt restructuring, Global, Headline inflation, IMF staff estimate, Invitation of the authorities, Middle East, Revenue administration reform, South Asia, Sri Lanka rupee, Sri Lankan authorities

Publication Details

  • Pages:

    149

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2023/408

  • Stock No:

    1LKAEA2023003

  • ISBN:

    9798400263514

  • ISSN:

    1934-7685

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