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External Sector Performance – November 2016

Sri Lanka’s external sector recorded a modest performance during November 2016. The trade deficit widened as a result of higher import expenditure amidst a decline in export earnings, albeit marginally, during the month of November 2016. The significant increase in import expenditure in November 2016 was mainly due to the increase in expenditure on intermediate and investment goods. Earnings from tourism continued to record a healthy growth while workers’ remittances declined marginally during the month. The government securities market witnessed a net outflow in the month of November, while net inflows to the Colombo Stock Exchange (CSE) and long term loan proceeds to the government supported the Balance of Payments (BOP) in November 2016.


IMF Staff Concludes Visit to Sri Lanka to Discuss Progress of Economic Reform Program

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.

A staff team from the International Monetary Fund (IMF) led by Jaewoo Lee visited Colombo during February 21-March 7, 2017 to hold discussions on the second review of the Sri Lankan authorities’ economic program that is being supported by a three-year Extended Fund Facility (EFF). The program aims to support the authorities’ ambitious reform agenda to put public finances on a sustainable footing and create space for its social and development program. At the end of the visit Mr. Lee made the following statement:

Clarification by the Central Bank of Sri Lanka on Gazette Notifications on Issuances of Treasury Bonds

The Central Bank of Sri Lanka wishes to make the following clarification on the process it has followed in relation to Section 4 of the Registered Stock and Securities Ordinance, No 07 of 1937 (RSSO) as amended with regard to the issuance of government securities.

1. The RSSO was enacted for the purpose of issuing registered stocks, Government promissory notes, Bearer bonds and Treasury bonds.

2. The auction based issuance of Treasury bonds on behalf of the Government of Sri Lanka commenced in 1997. With the commencement of the public auction through the primary dealers in Treasury bonds, the price and volume of Treasury bonds were determined through market forces. Therefore the related Gazette notifications were issued after the Treasury bond issuances, but on dates and Gazette numbers which were pre-reserved. The Central Bank of Sri Lanka has taken the following measures to comply with the intent of the law.

Workshop on Sustainable Finance

The Central Bank of Sri Lanka, jointly with the Sustainable Banking Network (SBN) managed by IFC, a member of the World Bank Group, has made arrangements to conduct a Workshop on “Sustainable Finance” on 28 February 2017 at the John Exter International Conference Hall of the Central Bank, Colombo with the patronage of His Excellency the President Maithripala Sirisena as the Chief Guest and the Keynote Speaker.