Sri Lanka : first post-program monitoring discussion ; staff report ; press release ; and statement by the Executive Director for Sri Lanka.

Sri Lanka : first post-program monitoring discussion ; staff report ; press release ; and statement by the Executive Director for Sri Lanka.

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Bibliographic Details
Imprint:Washington, D.C. : International Monetary Fund, 2014.
©2014
Description:1 online resource (34 pages) : color illustrations.
Language:English
Series:IMF Country Reports ; no. 14/289
IMF country report ; no. 14/289.
Subject:
International Monetary Fund -- Sri Lanka.
International Monetary Fund.
Debts, External -- Sri Lanka.
Fiscal policy -- Sri Lanka.
Monetary policy -- Sri Lanka.
Debts, External.
Economic history.
Fiscal policy.
Monetary policy.
Sri Lanka -- Economic conditions.
Sri Lanka.
Electronic books.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12503348
Hidden Bibliographic Details
Varying Form of Title:Sri Lanka, first post-program monitoring discussion
Other authors / contributors:International Monetary Fund, issuing body.
ISBN:1498394027
9781498394024
Notes:"November 11, 2013"--Page 2 of pdf.
"September 2014."
Includes bibliographical references.
Online resource; title from pdf title page (IMF Web site, viewed September 23, 2014).
Summary:EXECUTIVE SUMMARY Context. Sri Lanka's economy has navigated recent market turbulence relatively well. Growth has remained solid, inflation is in mid-single digits, and the current account deficit has narrowed. From mid-May, the exchange rate came under pressure as market expectations of U.S. Federal Reserve tapering shifted, but Sri Lanka's experience was in line with that of other emerging markets. Since September, market pressures have eased. By some metrics, reserves remain on the low side, but were boosted in late-September by an external debt issue of a large state-owned bank. Monetary policy. Monetary policy has eased progressively since end-2012 as growth slowed, inflation fell, and private sector credit weakened. At the time of the mission, staff recommended keeping monetary policy on hold for the near term. However, policy rates were subsequently reduced, with the central bank citing continued low inflation and the opportunity to stimulate growth to a higher level in 2014. Fiscal policy. The authorities remain committed to fiscal consolidation and intend to meet their 2013 deficit target. However, the steady real decline in government revenue collection poses risks to needed medium-term fiscal consolidation. The 2014 budget offers an opportunity to address the steady slide in revenues, including by further expanding the tax base. External debt. Alongside Sri Lanka's graduation to middle-income status has come a shift away from concessional, bilateral debt and towards external debt issuance on commercial terms by state owned and commercial banks. While this is a natural progression of financial development, it also raises risks. It is essential that the proceeds of such external borrowing are invested so as to enhance productivity, add to economic resilience, and generate the foreign exchange needed to service future obligations.
Other form:Print Version: Sri Lanka : First Post-Program Monitoring Discussion. Washington, D.C. : International Monetary Fund, 2014 9781498394024
Standard no.:10.5089/9781498394024.002
Table of Contents:
  • Cover; CONTENTS; RECENT DEVELOPMENTS AND OUTLOOK; FIGURES; 1. Macroeconomic Developments; 2. Monetary and Exchange Rate Developments; POLICY DISCUSSIONS; A. Maintaining External Sustainability; 3. Performance Following Market Turbulence on Global Financial Markets; BOXES; 1. Refinancing Risks and Policy Options; B. Creating Fiscal Space; 2. Sri Lanka's Falling Tax Revenues; C. Monetary Policy; D. Financial Sector Policies; CAPACITY TO REPAY; STAFF APPRAISAL; 3. Sri Lanka-Gold Pawning Activity; TABLES; 1. Selected Economic Indicators, 2010-18.
  • 2. Summary of Central Government Operations, 2010-183. Monetary Accounts, 2010-18; 4. Balance of Payments, 2010-18; 5. Projected Payments to the Fund, 2013-18; 6. Financial Soundness Indicators-All Banks, 2008-13.

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