Automatic fuel pricing formula, a major step:IMF

18 May 2018 11:23 am - 4 - {{hitsCtrl.values.hits}}

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International Monetary Fund yesterday said that ‘automatic fuel pricing mechanism marks a major step towards completing the energy pricing reforms that are underway in Sri Lanka, and minimizes the fiscal risks’.

“If implemented properly, the formula based pricing would eliminate fuel subsidies that benefit the rich rather than the poor,”Gerry Rice of the IMF’s communications department told media in Washington on Thursday.

He also revealed that the IMF is scheduled to discuss Sri Lanka's completion of its fourth review on June 1.

“So, we think it (fuel pricing formula) would benefit Sri Lanka and the economy. And I can tell you our Board is scheduled to discuss Sri Lanka's completion of its fourth review on June 1,” he added.

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Comments - 4

Fiscal Risks Friday, 18 May 2018 11:34 AM

IMF please note that our Colombo Mayor has RENOVATED the toilets spending LKR 5.7 MILLIONS. Do you all have this much of luxury in USA ?

ET Saturday, 19 May 2018 06:00 AM

If you saw the depleted state of the Mayor's house few months back you will never complain. This expense is justified.

Chari Friday, 18 May 2018 12:46 PM

Scary for Sri Lanka. Might find another 20% hike in 2 months.

Queues Friday, 18 May 2018 07:03 PM

Daily queues at filling stations !

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Automatic fuel pricing formula, a major step:IMF

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