Hidden Bibliographic Details
| Varying Form of Title: | Sri Lanka, staff report for the 2016 Article IV consultation
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| Other authors / contributors: | International Monetary Fund, issuing body.
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| ISBN: | 1475532385
9781475532388
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| Notes: | "June 2016."
Includes bibliographical references.
Description based on online resource; title from pdf title page (IMF.org website, viewed June 21, 2016).
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| Summary: | Context. The Sri Lankan economy has good underlying momentum but is starting to show signs of strain from a combination of unbalanced macroeconomic policies and an increasingly difficult external environment. A significant political transition has brought a new unity government to the fore. There is now an important window of opportunity to re-set macroeconomic policies to support stability and resilience, as well as undertake structural reforms to help Sri Lanka achieve high and sustained economic growth. Fiscal Policy. There is a clear need to put tax revenues on an upward path as part of a growth-friendly phase of fiscal consolidation and debt reduction. The significant reduction in the 2016 deficit to 5.4 percent of GDP will need to be followed by further revenue-based fiscal consolidation over the medium-term, guided by the 2020 deficit target of 3.5 percent of GDP (a primary surplus of 1 percent of GDP). Support on tax policy and revenue administration will be essential to successful implementation and creation of a simple, efficient, and equitable tax system.
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| Standard no.: | 10.5089/9781475532388.002
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