Hidden Bibliographic Details
| Varying Form of Title: | Sri Lanka, ex-post evaluation
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| Other authors / contributors: | International Monetary Fund, issuing body.
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| ISBN: | 1498377254
9781498377256
9781498377256
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| Notes: | "September 2014."
"September 30, 2013"--Page 2 of pdf.
Includes bibliographical references.
Online resource; title from pdf title page (IMF Web site, viewed September 23, 2014).
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| Summary: | Sri Lanka's 2009 Stand-By Arrangement was initiated at the onset of the global financial crisis. It also coincided with the ending of the country's decades-old civil conflict. This unusual combination of circumstances made the program subject to very high economic uncertainty. The immediate imperative was to avert a balance of payments crisis-- allowing for an orderly exchange rate adjustment and a rebuilding of external reserves-- so as to forestall a shock with socially disruptive consequences. Recognizing the role of fiscal imbalances in the crisis, the program called for a fiscal consolidation that could restore debt sustainability. The program also aimed to put in place a framework to resolve problem banks and safeguard financial stability. Viewed through the immediacy of averting an acute external shock, Sri Lanka's program was successful. On economic grounds, Sri Lanka's need was evident. The program provided a catalytic effect to confidence at a crucial time.
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| Standard no.: | 10.5089/9781498377256.002
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