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IMF delays Sri Lanka loan review, urges more reforms |

IMF delays Sri Lanka loan review, urges more reforms |: The IMF on Monday urged Sri Lanka to continue fiscal consolidation and tighten monetary policy and said it had agreed to delay the next review of its 3-year loan until the government submits the 2018 budget.

The International Monetary Fund loan is worth $1.5 billion and Sri Lanka has already received around $520 million in three previous instalments. The next review should be completed before for Sri Lanka gets the forth tranche.

Sri Lanka has already passed a new revenue act to boost revenues and curb the budget deficit.

"Incorporating the new Inland Revenue Act, the 2018 budget should continue fiscal consolidation supported by stronger revenues," the IMF said in a statement.

"The central bank should stand ready to head off pressures on inflation and credit growth, while continuing to enhance exchange rate flexibility."
IMF delays Sri Lanka loan review, urges more reforms |SocialTwist Tell-a-Friend

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