Sri Lanka: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka
IMF Staff Country Reports, December 9, 2016
Source details
- Canonical URL
- Sri Lanka: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka
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Bibliographic details
- Published: December 9, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475558579.002
Executive summary
- The paper discusses Sri Lanka’s First Review Under the Extended Arrangement Under the Extended Fund Facility (EFF) and Request for Modification of Performance Criterion (PCs).
- Performance under the program has been largely satisfactory.
- IMF staff supports the completion of the First Review under the EFF in light of progress to date and the authorities’ policy commitments going forward.
Program performance and compliance
- All end-June quantitative PCs were met.
- All indicative targets for June were met.
- The structural benchmarks due in July–September were not met.
- The authorities have been making progress toward completion of the missed structural benchmarks, now scheduled for December 2016.
Analysis and implications
- Progress toward meeting structural benchmarks, despite the July–September slippage, is sufficient for IMF staff to endorse completion of the First Review.
- The staff assessment is conditioned on the authorities’ ongoing policy commitments.
Scope and thematic coverage
- Subject areas: Banking, Central banks, Credit, Fiscal policy, International reserves, Money, Revenue administration, Taxes, Value-added tax.
- Keywords included in the source: CR, Credit, credit growth, disbursement of the equivalent, Global, government, government's reform program, IMF staff calculation, IMF staff estimate, International reserves, ISCR, net, reform program, SDR, Value-added tax.