The Executive Board of Directors of the International Monetary Fund (IMF) meets tomorrow (Monday) for a crucial session to decide on the final tranche of a US$2.6 billion loan to Sri Lanka. The board will be considering the seventh review of an IMF mission that visited Sri Lanka last month ahead of approving the final tranche of US$800 million which, if granted will be disbursed at a higher interest rate of 3.1 % against 1% for the earlier tranches.

Inland Revenue Department (IRD) officials are facing a daunting task in meeting the revenue target of Rs. 400 billion this year owing to a drop in revenue from Value Added Tax (VAT) and due to a sudden decline in imports following the depreciation of the Rupee, IRD sources said.