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.