IMF to consider Sri Lanka review in November

ECONOMYNEXT – A revised staff level agreement for Sri Lanka with the International Monetary Fund will go to agency’s board in November for approval, Central Bank Governor Indrajit Coomaraswamy said.

The IMF and Sri Lanka has already agreed on a staff level agreement with the agency though fiscal targets were missed.

Coomaraswamy said the IMF was flexible on missing fiscal targets since revenue has fallen due to other factors due to multiple shocks.

The IMF staff report will be prepared and go to the board in November to complete the review, he said.

Sri Lanka has announced state sector salary hikes ahead of presidential elections in November, and promised more in January.

It is not clear whether the January increments can be accommodated within the program. (Colombo/Oct11/2019)

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