Cabinet approves tabling IMF’s SL report in Parliament

Date:

The Cabinet has granted approval to present the International Monetary Fund (IMF) report on Sri Lanka in Parliament.

Minister of Finance Basil Rajapaksa submitted a proposal in this regard to the Cabinet.

The final IMF Article IV Staff Report on Sri Lanka, which analyses the country’s debts and finances, was published on 25 March.

It highlights that the country faces “solvency” issues because of risks stemming from unsustainable debt levels that jeopardize the economy.

On Sunday, Chief government whip Johnston Fernando said the government has decided to debate the report early next month.

Several recommendations including a revision on tax collection were included in the IMF report.

The Central Bank of Sri Lanka said several policy adjustments have already been made by the Ministry of Finance and the CBSL.

These include monetary policy tightening since August 2021, allowing exchange rate flexibility, removing restrictions on foreign exchange market transactions, implementing envisaged revenue enhancing measures, and allowing market-based price adjustments to key commodities.

Working closely with the Government, the CBSL said it stands ready for a closer engagement with the IMF.

Popular

More like this
Related

U.S to provide technical assistance for fiscal management in SL

The United States has agreed to provide technical assistance...

Container transportation fees to increase by 10%

The All-Island United Container Transport Owners’ Association has decided...

WP schools closed till 1 July

Following the failure of the Minister of Power and...

Two Ministers to visit Russia today

Two ministers will travel to Russia today (27) to...