Sri Lanka: Request for Stand-By Arrangement -Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Sri Lanka

Author: International Monetary Fund

Volume/Issue: Volume 2009 Issue 310

Publication date: November 2009

ISBN: 9781451823615

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , debt , government , deficit , economic reform , authorities' economic reform program , reconstruction spending needs , fund credit , government's program , CBSL intervention policy , liquidity position , current account , Budget planning and preparation , Debt service , Global

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Summary

This paper discusses a request from the Sri Lankan authorities for a Stand-By Arrangement (SBA). The proposed SBA (of 400 percent of quota or SDR1.65 billion) would aim to smooth adjustment to the external shock that has hit the country, restore health to the country’s public finances, allow for greater exchange rate flexibility, address weaknesses in the financial system, and protect the most vulnerable from the burden of the needed adjustment. In addition, the IMF program will provide a basis for the authorities to approach donors for supporting a longer-term reconstruction program.