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Apr 11, 2016 (LBO) – Sri Lanka has made significant progress toward reaching an International Monetary Fund (IMF) support facility, which could get approval within the next two weeks, an IMF review mission said concluding its visit.
A staff team led by Todd Schneider visited Colombo during March 31-April 11 to hold 2016 Article IV consultation discussions and to discuss the authorities’ request for a fund supported arrangement.
“The mission made significant progress toward a staff level agreement with the government on an economic
program that could be supported by a 36-month Extended Fund Facility (EFF),” a statement said.
“Program discussions will continue in Washington DC on the margins of the Spring Meetings of the IMF and World Bank, with the objective of concluding a staff-level agreement with the authorities, subject to approval by IMF Management and the Executive Board, in the next two weeks.”
Schneider said macroeconomic performance in 2015 reflected a mix-of positive underlying growth momentum, the impact of domestic policies, and an increasingly difficult external environment.
The fiscal deficit expanded, public debt increased, while the balance of payments position deteriorated despite an improvement in the terms of trade. Real GDP growth in 2016 is expected to remain around 5 percent and inflation in the low single digits, he said.
“Over the medium term, there is potential for growth to rise closer to Sri Lanka’s estimated
potential output level, but prospects will hinge on a policy upgrade in the near term and removing bottlenecks to trade and investment,” he said.
“The authorities’ proposed economic program aims to achieve high and sustained levels of inclusive economic growth, restore discipline to macroeconomic and financial policies, and rebuild fiscal and reserve buffers.”
“Key objectives underlying the reform agenda include: (i) improving revenue administration and tax policy; (ii) strengthening public financial management; (iii) state enterprise reforms; and, iv) structural reforms to enable a more outward-looking economy, deepen foreign exchange markets, and strengthen financial sector supervision.”
http://www.lankabusinessonline.com/sri-lanka-makes-progress-towards-imf-facility-imf-mission/
A staff team led by Todd Schneider visited Colombo during March 31-April 11 to hold 2016 Article IV consultation discussions and to discuss the authorities’ request for a fund supported arrangement.
“The mission made significant progress toward a staff level agreement with the government on an economic
program that could be supported by a 36-month Extended Fund Facility (EFF),” a statement said.
“Program discussions will continue in Washington DC on the margins of the Spring Meetings of the IMF and World Bank, with the objective of concluding a staff-level agreement with the authorities, subject to approval by IMF Management and the Executive Board, in the next two weeks.”
Schneider said macroeconomic performance in 2015 reflected a mix-of positive underlying growth momentum, the impact of domestic policies, and an increasingly difficult external environment.
The fiscal deficit expanded, public debt increased, while the balance of payments position deteriorated despite an improvement in the terms of trade. Real GDP growth in 2016 is expected to remain around 5 percent and inflation in the low single digits, he said.
“Over the medium term, there is potential for growth to rise closer to Sri Lanka’s estimated
potential output level, but prospects will hinge on a policy upgrade in the near term and removing bottlenecks to trade and investment,” he said.
“The authorities’ proposed economic program aims to achieve high and sustained levels of inclusive economic growth, restore discipline to macroeconomic and financial policies, and rebuild fiscal and reserve buffers.”
“Key objectives underlying the reform agenda include: (i) improving revenue administration and tax policy; (ii) strengthening public financial management; (iii) state enterprise reforms; and, iv) structural reforms to enable a more outward-looking economy, deepen foreign exchange markets, and strengthen financial sector supervision.”
http://www.lankabusinessonline.com/sri-lanka-makes-progress-towards-imf-facility-imf-mission/
