IMF satisfied with SL reaching June quantity targets
Though its June 2017 review is expected to be finalised after conducting further deliberations, the IMF revealed that Sri Lanka has satisfied its main performance benchmarks in terms of tax revenues, deficit and foreign reserves.
According to the IMF’s Mission Chief, Jaewoo Lee Sri Lanka has shown immense strength in terms of policy performance.
The International Monetary Fund also said that considering the fact that the country was still going through one of the most severe droughts in its history, growth has been calculated at below 4.5%.
Lee statedthat Sri Lanka’s indicative targets for September were also heading on an agreeable trajectory.
He also added that completion of the review was expected after the conclusive September data was made available in addition to agreement on finalised details of the next staff level agreement being reached.
Lee proposed that the Central Bank of Sri Lanka needed to be on stand-by to constrict if and when inflation picked up or the country’s credit growth speeded up.
However, with regard to reforms in Sri Lanka’s state operated enterprises (SOE), the country needed to make more progressive attempts.
OSL TAKE:
The IMF’s confidence in Sri Lanka’s progress is a positive affirmation to investors on the country’s economic viability.
| Article Code : | VBS/AT/03102017/Z_9 |