02490cas a2200241 a 4500 AALejournalIMF019336 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498315159 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Asia and Pacific Dept. Sri Lanka : Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, Extension of the Arrangement and Rephasing of Purchases-Press Release; Staff Report and Statement by the Executive Director for Sri Lanka. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (124 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses Sri Lanka's Fifth Review under the Extended Arrangement under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, extension of the arrangement, and rephasing of purchases. The Central Bank of Sri Lanka maintained a tight monetary policy stance, intervening in the foreign exchange market and allowing for greater exchange rate flexibility in response to rising pressures. The Sri Lankan economy remains vulnerable to shocks, given high public debt, large refinancing needs, and low external buffers. Although domestic uncertainty remains elevated, the authorities are committed to strengthen the resilience of the economy through a strong policy mix, with prudent monetary policy, greater exchange rate flexibility, and revenue-based fiscal consolidation. Continued implementation of structural reforms is essential to support strong and inclusive growth. Efforts should focus on liberalizing trade, improving the business environment and promoting investment, strengthening governance, encouraging female and youth labor force participation, enhancing social protection, and improving crisis preparedness to natural disasters. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2019/135 Full text available on IMF http://elibrary.imf.org/view/journals/002/2019/135/002.2019.issue-135-en.xml IMF e-Library