Sri Lanka meeting IMF commitments
Sri Lanka is undergoing International Monetary Fund (IMF)- prescribed ‘bypass surgery’ to rescue the country’s almost dying economy fulfilling over 30 commitments made to secure the US $2.9 billion extended fund facility before September under the first IMF policy review.
Sri Lanka has already met 29 to 32 of the around 100 commitments of the IMF programme at present and it has fulfilled all prior actions to obtain EFF and fulfilled follow up actions that should be completed before September this year, a former finance ministry secretary who was involved in previous IMF negotiations, said.
He added that the government is determined to strictly adhere to this IMF economic reforms programme.
One commitment, the establishment of an online fiscal transparency platform, was still to be met.
Another unmet commitment was Parliamentary approval of the new Central Bank Act, prepared in consultation with IMF staff. Even though a bill was published on March 7, an amendment to the Act has not been made.
“IMF welcomes the authorities’ ongoing efforts in meeting key commitments under the Fund-supported programme. Performance under it will be formally assessed in the context of the first review of the Extended Fund Facility arrangement, which is expected to be undertaken in September 2023,” an IMF source said.
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