The International Monetary Fund (IMF) has reached an understanding with Sri Lankan authorities in completing commitments made to the lending agency and implementing all pending actions and structural bench marks within the next few weeks.
The government should fulfill all those commitments on time to receive the seventh tranche of the 4-year Extended Fund Facility (EFF) arrangement, the IMF said in a statement on Tuesday.
The IMF mission welcomed the authorities’ ongoing plans to bolster competitiveness and medium-term growth by gradually liberalizing the trade and investment regimes, while addressing any potential revenue impact.
Sri Lanka is entitled to receive the balance amount of US$345 million of the $1.5 billion of the EFF following the approval of the sixth review under Sri Lanka’s economic reform programme by the IMF Executive Board.
A staff team from the IMF led by Manuela Goretti visited Colombo during September 10-25 to conduct the sixth review under Sri Lanka’s economic reform programme supported by a four-year EFF arrangement.
The team reached understandings at the staff level with the Sri Lankan authorities on the sixth review of the EFF-supported programme.
They welcomed the authorities’ commitment to advance revenue-based fiscal consolidation in 2020 and over the medium term to preserve the gains achieved under the programme.
The mission supported the Central Bank (CB)’s prudent and data-dependent monetary policy approach and their renewed commitment to strengthen reserve buffers in line with program understandings.
The team praised the authorities’ efforts to normalize the security situation in the country after the tragic terrorist attacks in April and mitigate the impact of the shock on the economy.
Real GDP growth was revised to 2.7 per cent in 2019 and is projected to improve to 3.5 per cent in 2020, as tourist arrivals and related activities gradually recover. Inflation is expected to remain stable at around 4.5 per cent during 2019-20.
Despite the recent fall in tourist arrivals and remittances, the current account balance is projected to improve to 2.6 per cent of GDP in 2019 on the back of lower imports and stronger exports supported by the exchange rate correction in late 2018, IMF observed. (Bandula)
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
The deadline for online applications to the 2024 G.C.E. Advanced Level (A/L) Examination has been extended until July 12, the Department of Examinations said.
Gazette on new speed limit regulations to be issued within two weeks
Cabinet has approved a proposed amendment to the Constitution that a referendum would be required to extend the Presidential and Parliamentary term beyond five years.
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