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IMF to consider Sri Lanka request for extension

28 Apr 2019

By Easwaran Rutnam The International Monetary Fund (IMF) is to consider a request from Sri Lanka to complete the fifth review under the funding agreement between Sri Lanka and the IMF and extend it by one additional year until June 2020. The fifth review was to be completed in May this year. IMF Mission Chief for Sri Lanka Manuela Goretti said that under a lending arrangement with the Fund since mid-2016, Sri Lanka has made important progress in reforming its economy, including by revamping its tax system, strengthening social safety nets, and transitioning to inflation targeting. “The 2019 Budget approved in early April strikes a good balance between advancing revenue-based fiscal consolidation, which is important to shore up market confidence given Sri Lanka’s high debt and refinancing needs, while making space for macro critical capital and social spending and business-friendly tax measures,” Goretti said. She said that initial financial market pressures seem to have been contained in the aftermath of the Easter Sunday attacks. She added that decisive policy and security measures by the authorities will be important, in particular for tourism, which accounts for 5% of GDP, to build on the strong performance of recent years. The IMF official said that based on the important progress to date and the reform plans under the programme, the IMF Executive Board is expected to consider in mid-May the authorities’ request to complete the fifth review under the arrangement and extend it by one additional year until June 2020. This will provide additional time to the authorities to anchor macroeconomic stability and complete their economic reform agenda.

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