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Saturday, 22 April 2023 08:58

Sri Lanka faces an uphill task of fulfilling its commitments to IMF Featured

Sri Lanka has fulfilled only 25% of the commitments contained in the plan that it has submitted to the International Monetary Fund. However by the end of March 2023, t one major commitment has not been accomplished, an analysis of expert panel revealed

Some 25% of the completed commitments have been completed prior to the approval of the International Monetary Fund’s Board of Directors to obtain an Extended Funding Facility (EFF).

These commitments fall under the category of ‘pre-measures’ that must be met to qualify for an extended funding facility.

Sri Lanka has failed to establish a fully functional online platform for transparency by March 2023 – this is a preliminary agreement and disclosure of information relating to all important public procurement contracts

Publication of a list of all companies entitled to tax concessions through the Investment Promotion Board has to be done as another commitment.

The objectives of establishing this platform were to publish a list of individuals and companies entitled to tax concessions on import of luxury vehicles.

This commitment was to be completed on March 1, 2023. However, it was not completed by the end of the month.

Lack of information is also a problem – 9% of commitments for which progress could be measured by the end of March had to be classified as “unknown” due to lack of information to measure progress.

 

 

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