Sri Lanka: Staff Report for the 2001 Article IV Consultation and Request for Stand-By Arrangement
IMF Staff Country Reports, May 16, 2001
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- Sri Lanka: Staff Report for the 2001 Article IV Consultation and Request for Stand-By Arrangement
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Bibliographic details
- Authors: Arrangement In
- Published: May 16, 2001
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451823462.002
Executive summary and context
- In concluding the 1999 Article IV Consultation with Sri Lanka on October 13, 1999, Executive Directors had stressed the need to address the longstanding economic problems that are impeding Sri Lanka’s growth.
- Macroeconomic management and structural reform have been complicated by a difficult political situation.
- Against this background, the 2001 Article IV Consultation discussions focused on ways to:
- address the serious immediate economic problems; and
- resume progress toward medium-term fiscal consolidation in the 2001 budget.
- Publication date: May 16, 2001.
Key thematic areas covered
- Banking; Commercial banks; Financial institutions; Public enterprise restructuring.
- Fiscal issues: Defense spending; Expenditure; Medium-term fiscal consolidation; 2001 budget.
- External sector and payments: Exchange rates; Foreign exchange; Imports; International trade; SDR; U.S. dollar.
- Monetary: Monetary base; Consumer price inflation; Market determination.
- IMF engagement: Financial support; IMF staff estimate; ISCR; CR.
Principal findings and focus of the 2001 consultation
- Longstanding economic problems were identified as impeding growth.
- Political difficulties have complicated macroeconomic management and structural reform.
- The 2001 discussions concentrated on immediate economic stabilization measures and restarting medium-term fiscal consolidation via the 2001 budget.