Sri Lanka fails to ’meet’ 33% of IMF commitments due by end-February: Verité Research

13 March 2024 04:55 pm - 9 - {{hitsCtrl.values.hits}}

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Colombo, March 13 (Daily Mirror)- Sri Lanka failed to meet 33% of the commitments due by end-February 2024 in its International Monetary Fund (IMF) programme, according to the February update of Verité Research’s ‘IMF Tracker’.

Many of these commitments that are classified as ‘not met’ on IMF Tracker were designed to improve governance, the Verité Research said.

“These include commitments related to publishing information (transparency), and those that require the passage of governance-improving legislation.

The IMF has recognised poor governance as being at the heart of Sri Lanka’s economic crisis, and Sri Lanka is the first Asian country to have had an IMF-led Governance Diagnostic Assessment.

The status of 36% of the commitments are classified as ‘unknown’, which means sufficient data was not made available to assess their progress. By end-February, 31% of the commitments were verifiably ‘met’,” the Verité Research further said.

The second round of IMF programme funding came in December 2023. Under the updated agreement, Sri Lanka was due to meet 45 commitments by end-February. The IMF Tracker dashboard classified 14 (31%) of these as ‘met’, 15 (33%) as ‘not met’, and 16 (36%) as ‘unknown’.

Of the 15 ‘not met’ commitments, six are on publishing information. Four are on actions relating to adopting new laws: (a) Obtaining parliamentary approval on Banking Act; (b) Introducing automatic indexation of excises to inflation; (c) Making legislative change to set up a debt management agency; (d) Presenting the public finance management law to parliament.

These four actions, which are aimed at addressing governance problems, have remained neglected despite being included in the IMF staff-level agreement in September 2022.

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Comments - 9

KoffeeMoffie Wednesday, 13 March 2024 07:13 PM

Here we go......

Bushel Wednesday, 13 March 2024 07:24 PM

This is why 222 in parliament needed to chase out by people.

Jayantha Wednesday, 13 March 2024 07:40 PM

But it does not matter. Imf will anyway protect the corrupt regime and politicians. Same done in PK too. One day when majority of people understand that imf are rogue protectors,they will get physically beaten for sure.

Don't like their rules, dont borrow from them Wednesday, 13 March 2024 11:27 PM

IMF wants the spendings to be affordable for the govt. When they are giving you money they want to make sure its spent wisely and meaningfully.

Learn or Depart Thursday, 14 March 2024 12:36 AM

What is the COPF doing. Aren’t they questioning the treasury officials on this. They only talk about tax frauds which are cheap political slogans.

Jude Thursday, 14 March 2024 02:46 AM

Stop funding this oppressive regime, these morons know only to beg beg beg for money.

Lal Thursday, 14 March 2024 04:49 AM

IMF must understand that, government unable to take any drastic action ,which would make public suffering further, cannot take during this crucial period, just very close to the election, but immediately after election,RW happily attend to promises

BBM Thursday, 14 March 2024 09:01 AM

Masters of all religions combined who are the enlightened ones want foreign powers to show them the way! Thieves never catch thieves. Present system and all lawpassers support thieves. All popular politicians are not trustworthy(not voteworthy) When the regime and IMF get the stats right, patient die. Researches and operations are historical. Making use of same economic hitmen to hit the target, shatters independence....

Anna M Friday, 15 March 2024 05:42 PM

What happen when Sri Lanka fails to meet the commitment?

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Sri Lanka fails to ’meet’ 33% of IMF commitments due by end-February: Verité Research

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