Lankapage Logo CP 18 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* IMF says Sri Lanka's 2018 budget should continue fiscal consolidation, supported by new tax act
Mon, Oct 16, 2017, 09:54 pm SL Time, ColomboPage News Desk, Sri Lanka.

Oct 16, Washington, DC: The International Monetary Fund (IMF) says Sri Lanka's 2018 budget should continue fiscal consolidation, supported by the new Inland Revenue Act and upholding the reform momentum is key to addressing vulnerabilities and sustaining inclusive growth.

Issuing a statement after constructive discussions with the Sri Lankan authorities in Colombo and during the Annual Meetings, an IMF staff team said it reached a staff-level agreement with the Sri Lankan authorities on the third review under an economic reform program supported by a three-year Extended Fund Facility (EFF) arrangement, subject to the completion of a prior action by the authorities and the approval of the IMF Executive Board.

"The Board is expected to consider Sri Lanka's request for completion of the third review in December 2017, by which time the 2018 budget -consistent with the EFF-supported program - is expected to be submitted to Parliament as a prior action.

"Incorporating the new Inland Revenue Act, the 2018 budget should continue fiscal consolidation supported by stronger revenues. The central bank should stand ready to head off pressures on inflation and credit growth, while continuing to enhance exchange rate flexibility," the IMF team said.

"The authorities have been improving the country's fiscal position and strengthened its international reserves, but more needs to be done in the area of SOE reforms. Upholding the reform momentum will be important for addressing fiscal and external imbalances and meeting the government's ambitious social and development objectives. Renewed effort toward bolstering competitiveness, improving social protection programs, and boosting private sector development will be important for making growth more robust and inclusive."

 

ColomboPage - Recent 10 Stories ::
Large scale Kerala Cannabis dealer arrested in Galewela
-- [2 hours ago]
A new full cabinet will be sworn in next week - Minister Rajitha
-- [3 hours ago]
Sri Lanka trade mission visits UAE to promote domestic tourism
-- [4 hours ago]
Hatch Kalam: The first maker and co-worker space in Jaffna
-- [4 hours ago]
Senior Laboratory Manager of Horana rubber factory arrested over deaths in ammonia tank
Rs. 485 mn worth dry rations for drought hit people in Puttalam
Sri Lanka to remove unauthorized constructions on coastal belt
Sri Lanka PM calls for expansive private sector ties with Iran
CID investigations reveal that same person directed all high profile crimes during previous regime
US human rights report says Sri Lanka military and police harass civilians with impunity

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.