| Description |
1 online resource (48 pages) : color illustrations |
| Series |
IMF Country Reports ; no. 14/290 |
|
IMF country report ; no. 14/290.
|
| Contents |
Cover; CONTENTS; INTRODUCTION AND BACKGROUND; A. Build-up of imbalances; B. Crisis trigger and the request for assistance; PROGRAM TARGETS, STRATEGY, AND CONDITIONALITY; A. Program targets and strategy; B. Program conditionality; BOXES; 1. Structural Conditionality in the Program; PROGRAM OUTCOMES; A. Growth and inflation outcomes; 2. Main Areas of Slippages and Modification during Program Implementation; B. External sector outcomes; C. Monetary sector outcomes; D. Fiscal sector outcomes; E. Financial sector outcomes; KEY QUESTIONS |
|
1. Selected Economic Indicators, 2009-152. Quantitative Performance Criteria (PC) and Indicative Targets (IT); 3. Structural Benchmarks; ANNEX; View of the Authorities; APPENDIXES; I. Tax Reform Measures in Sri Lanka: 2009-12; II. Sri Lanka-Key Recommendations for Financial Stability from the 2012 FSAP Update |
|
A. Did the program facilitate a "catalytic effect" for the country at a difficult time?B. Was targeting reserves the right approach to restoring external viability?; C. Have debt-related vulnerabilities declined?; D. Why was the quality of the fiscal adjustment weaker than envisaged?; E. Why were tax revenues falling throughout the program?; F. Why were goals with respect to state-owned enterprises not achieved?; G. Could monetary policy have been tightened in 2011 to head-off external pressures?; H. Was exceptional access justified?; CONCLUSIONS AND POSSIBLE LESSONS; TABLES |
| Summary |
Sri Lanka's 2009 Stand-By Arrangement was initiated at the onset of the global financial crisis. It also coincided with the ending of the country's decades-old civil conflict. This unusual combination of circumstances made the program subject to very high economic uncertainty. The immediate imperative was to avert a balance of payments crisis-- allowing for an orderly exchange rate adjustment and a rebuilding of external reserves-- so as to forestall a shock with socially disruptive consequences. Recognizing the role of fiscal imbalances in the crisis, the program called for a fiscal consolidation that could restore debt sustainability. The program also aimed to put in place a framework to resolve problem banks and safeguard financial stability. Viewed through the immediacy of averting an acute external shock, Sri Lanka's program was successful. On economic grounds, Sri Lanka's need was evident. The program provided a catalytic effect to confidence at a crucial time |
| Notes |
"September 2014." |
|
"September 30, 2013"--Page 2 of pdf |
| Bibliography |
Includes bibliographical references |
| Notes |
Online resource; title from pdf title page (IMF Web site, viewed September 23, 2014) |
| Subject |
International Monetary Fund -- Sri Lanka
|
| SUBJECT |
International Monetary Fund fast |
| Subject |
Economic development -- Sri Lanka
|
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Economic indicators -- Sri Lanka
|
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Fiscal policy -- Sri Lanka
|
|
Economic development
|
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Economic history
|
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Economic indicators
|
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Economic policy
|
|
Fiscal policy
|
| SUBJECT |
Sri Lanka -- Economic conditions
|
|
Sri Lanka -- Economic policy
|
| Subject |
Sri Lanka
|
| Form |
Electronic book
|
| Author |
International Monetary Fund, issuing body.
|
| ISBN |
1498377254 |
|
9781498377256 |
|
