The IMF has reached a staff-level agreement with the Sri Lankan authorities on the third review under an economic reform programme supported by a 3-year Extended Fund Facility (EFF) arrangement, subject to the completion of a prior action by the authorities and the approval of the IMF Executive Board.
This decision follows the constructive discussions with the authorities in Colombo and during the IMF annual meetings in Washington.
“The Board is expected to consider Sri Lanka’s request for completion of the third review in December 2017, by which time the 2018 budget—consistent with the EFF-supported programme—is expected to be submitted to Parliament as a prior action,” an IMF official communiqué issued in Washington said.
Incorporating the new Inland Revenue Act, the 2018 budget should continue fiscal consolidation supported by stronger revenues. The Central Bank should stand ready to head off pressures on inflation and credit growth, while continuing to enhance exchange rate flexibility, it said.
“The authorities have been improving the country’s fiscal position and strengthened its international reserves, but more needs to be done in the area of SOE reforms.” Upholding the reform momentum will be important for addressing fiscal and external imbalances and meeting the government’s ambitious social and development objectives.
It said renewed effort toward bolstering competitiveness, improving social protection programs, and boosting private sector development will be important for making growth more robust and inclusive. (Bandula)
You can share this post!
Content
The Inland Revenue Department (IRD) backed by the Excise and Customs Department today launched a fresh drive to collect taxes including some Rs.780 billion listed as ‘collectable defaults’.
The Supreme Court today unanimously dismissed a Fundamental Rights petition filed by five convicts in the 1996 Krishanthi Kumaraswamy abduction, rape, and murder case.
A SriLankan airlines flight has been grounded in an airport in Indonesia due to a technical defect leaving 93 passengers stranded, an official said.
The actions of a resident in Egoda Uyana, Moratuwa helped to avoid a possible railway accident involving an office train on the southern coastal line today, the Railway Department said.
Former international spinner Sachithra Senanayake is set to become the first Sri Lankan cricketer indicted under the country’s Prevention of Offences Relating to Sports Act (Act No. 24 of 2019).
Leave Comments