Sri Lanka meets quantity targets for June: IMF

ECONOMYNEXT – Sri Lanka has met key performance criteria on tax revenues, deficit and foreign reserves the International Monetary Fund said though the June 2017 review will be completed following further discussions.

"Policy performance has been very strong," Mission Chief Jaewoo Lee said.

The IMF said growth is expected to be below 4.5 percent this year amid one of the worst droughts in history.

Lee said September indicative targets were also on satisfactory path.

The review will be completed after final September data is available and the final details of the next staff level agreement has been agreed he said.

On inflation, the central bank had to stand ready to tighten if there is a pick up or if credit growth accelerates, he said.

Sri Lanka however had to make progress on state enterprise reforms. (Colombo/Sept27/2017)

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