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IMF team expected in Colombo next week

6 January 2024 09:47 am - 21     - {{hitsCtrl.values.hits}}

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  • State Minister Semasinghe says it is a routine staff visit
  • Team to meet with President Wickremesinghe as well
  • Will evaluate progress made thus far in reform programme backed by IMF 

The International Monetary Fund (IMF) would evaluate Sri Lanka’s economic progress next week, with a team of officials expected to arrive in the country, the Finance Ministry said.

Finance State Minister Shehan Semasinghe yesterday told Mirror Business that a team from the IMF would be in Colombo and would engage in technical meetings. The team will also meet with President Ranil Wickremesinghe.

The visit will be the first for the year 2024. 

While unsure of the duration of their stay in the country, Semasinghe shared that the team would evaluate the progress made thus far in the IMF-backed reform programme. 
“It is not going to be an assessment per say. It is a routine staff visit before the upcoming review,” he said. 

The second review under the 48-month Extended Fund Facility (EFF) arrangement is scheduled to be held in March-April this year and will look at the performance for the July to December 2023 period. 

Following the completion of the first review in December 2023, the IMF stressed the need for Sri Lanka to enter into agreements with its official and private creditors before the second review takes place. 

The finalisation of the first review paved the way for the disbursement of US $ 337 million. This brought the total IMF financial support disbursed to about US $ 670 million. 

Following the executive board discussion in December, the IMF said Sri Lanka’s macroeconomic policy reforms have begun to bear fruit and the economy is showing tentative signs of stabilisation, with rapid disinflation, significant revenue-based fiscal adjustment and reserves build-up.

Noting that the performance under the EFF-supported programme has been satisfactory, the IMF said all quantitative performance criteria for end-June were met, except the one on expenditure arrears. Other than tax revenues, all indicative targets were met as well.

To meet the IMF’s tax revenue requirement, Sri Lanka made several changes to its tax regime, with the major change being in the Value Added Tax (VAT).

The total amount of Sri Lanka’s EFF arrangement is about US $ 3 billion as of the time of programme approval on March 20, 2023. 

The programme supports Sri Lanka’s efforts to restore macroeconomic stability and debt sustainability, safeguard financial stability and enhance growth-oriented structural reforms.


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  Comments - 21

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  • Jude Saturday, 06 January 2024 10:24 AM

    Bring More money.

    Balla Donkey Saturday, 06 January 2024 05:06 PM

    IMF need country like Sri Lanka to make money.

    IMF look into Malpractices Saturday, 06 January 2024 11:26 AM

    They should asked for a detailed expense statement from the previous loans. Stop all new loans until all the corruption is accounted for

    Mala Paina Saturday, 06 January 2024 11:54 AM

    All burden on the people, don't want to rely on dishonest lot. There is no democracy, value for money and recovery based on competitive productions. Political culture give no rom for sustainable development other than securing their positins without adequate commitment and sacrifices. There won't be power existance beyond the limit of peoples patience.

    No New Loans Until Elections Conducted Saturday, 06 January 2024 12:39 PM

    IMF should insist both presidential

    IMF to Insist all Elections in 2024 Saturday, 06 January 2024 01:42 PM

    General

    roni Saturday, 06 January 2024 12:40 PM

    Recommend more taxes and Ranil Rajapakse like the present SLPP members of Parliament to nod the head or raise his hand to burden the people.

    CitizenP Saturday, 06 January 2024 03:34 PM

    Introduce more taxes....and squeeze our neck...

    DOT Saturday, 06 January 2024 04:56 PM

    Welcome ! You will surprises to see the progress! We did suffcent homework so as to satisfy you! @ what cost( I do noot know ).

    Percy Wijenayake Saturday, 06 January 2024 06:51 PM

    IMF's Priority must be to revise the allocated funding in proportionate to the present cost of living.

    Ruwan Saturday, 06 January 2024 09:47 PM

    The government should ask for loans only to help those who appreciate IMF and cut off loans for those who don't support the government in their efforts to overcome the problem.

    No Suggestion How to Carry this Out Sunday, 07 January 2024 12:30 PM

    Any idea how’s this going to be planned out? Bringing suggestions is ok but ensure a suggested solution too!

    GHT Sunday, 07 January 2024 12:43 AM

    IMF's hidden part of the agenda is undoubtedly to sabotage the ELECTION and to maintain the leadership of Ranil not being lost his illegal grip on the Presidency.

    Ravana Sunday, 07 January 2024 06:27 AM

    Keep palm plantations away from Sri Lanka. IMF has convinced a few countries to go in that path and now it's a problem

    Nimal Sunday, 07 January 2024 07:46 AM

    Be careful, the SL Govt. will pull the wool over your eyes!

    Amaran Sunday, 07 January 2024 10:04 AM

    IMF, please do NOT force the government to increase the VAT to 18%. Please get your logic correct. It is destroying our livelihood and exports. Tell the government to collect ALL outstanding uncollected taxes instead of increasing the tax.

    Ron Sunday, 07 January 2024 10:07 AM

    IMF been great to help the country but need fair reforms to help the majority poor Families that been suffering from basic living standards essentials effortability cost of living inflation etc. Taxing on everything just to pay off loans sustained financial stability all good but reduce the human suffering reforms must be calculated in all aspect and stimulate the economy in most effected ways WHITHOUT punishing the majority who are poor.....

    Jayantha Sunday, 07 January 2024 06:06 PM

    Imf should be taken to an international court for funding and helping corrupt governments. Nothing done to force government to remove corrupted ministers and officials and take necessary action. Nothing is done to reduce or cut luxury and free perks given to politicians. For example free massive fuel quotas and then pensions to parliamenterians are still as it is while putting more burden on general public.

    Sensible analyst Sunday, 07 January 2024 06:16 PM

    IMF, please insists on two states in one country. Put some sense into our politicians pigeon brains. Tell them India has 28 states, UK has four states, USA 50 states, Many European countries have many states in one country. Sooner or later it has to be two states in one country. Let it be sooner than later.

    Buddhist Sunday, 07 January 2024 09:47 PM

    IMF must evaluate in detail the amount of funds used by Ranil to boost up various commissions appointed by him and also the bloating the number of ministers and state ministers added on and the amount spent on these unwanted expenses from the total funds received from IMF. All these expenses are made to the supporters of Ranil.

    Gunapala Deshanan Monday, 08 January 2024 04:35 PM

    A good donation for election relief with Seeni Bola! People do not eat them - REMEMBER DIABETIC!! No medicine for anything, but for election relief!


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