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Last Updated : 2024-05-28 01:26:00
26 September 2023 08:53 pm - 20 - {{hitsCtrl.values.hits}}
The International Monetary Fund is concerned about a shortfall in revenue collection by Sri Lanka’s government this year, though that is unlikely to derail a $2.9 billion loan programme for the crisis-hit country, two Sri Lankan sources told Reuters.
A delegation from the IMF met with Sri Lankan President Ranil Wickremesinghe, who is also the finance minister, and its central bank governor, earlier on Tuesday as part of the first review of the four-year loan deal agreed in March.
Such reviews are necessary to continue the programme, which is critical for the country that is slowly recovering from its worst economic crisis in at least seven decades.
“Sri Lanka has met most of the requirements needed to fulfil the first review. This includes progress on domestic debt restructuring,” said one of the sources, who are both government officials and declined to be named.
“But there were concerns on Sri Lanka’s revenue shortfall for this year. They are likely to conduct further deliberations with Washington and then see how to move forward.”
Sri Lanka’s junior finance minister, Ranjith Siyambalapitiya, told reporters last week that the shortfall could be about 100 billion rupees (about $312 million). The target for the government was to increase revenue to 11.3% of gross domestic product in 2023 from 8.3% last year.
The IMF, Sri Lanka’s central bank and finance ministry did not immediately respond to requests for comment.
The team from the global lender will hold a press conference in Colombo on Wednesday afternoon at the end of its two-week visit to the island nation of 22 million.
Sri Lanka accepted offers to exchange about $10 billion worth of defaulted local debt for new bonds, taking it a step towards meeting debt restructuring requirements ahead of the IMF review.
Sri Lanka has also held multiple rounds of talks with bondholders and bilateral creditors including Japan, China and India to reach an agreement to rework its foreign debt after suspending repayments in May last year. (Reuters)
Sam Silva Tuesday, 26 September 2023 10:30 PM
Our country is more concerned finding the money to spend even if we have to beg. The revenue or to earn is not in our agenda. That is our life style. Sorry imf .
Wasantha Tuesday, 26 September 2023 11:55 PM
Cut expenses. Prune the public service.
Jayantha Wednesday, 27 September 2023 12:09 AM
Taxing heavily without any plan to increase revenuenof people will always end up with low revenue andnit will further decline. Those who are capable of earning will migrate elsewhere that has a better future. Imf always tries to help corrupted politicians without laying foundation to increase income of people. If people are happy and making money. Then government can easily get revenue by indirect taxes. Now what happens is not only individuals but companies too leaving here and going for much better destinations.
Dr. Amila Kankanamge Wednesday, 27 September 2023 01:50 AM
Government should reduce waste and unnecessary expenditure.
Kabir Hashim Wednesday, 27 September 2023 01:51 AM
Most of the Pettah businesses are evading taxes and selling smuggled items.
Dr. Amila Kankanamge Wednesday, 27 September 2023 02:01 AM
Namal for president, let us all support.
Ama Wednesday, 27 September 2023 02:39 AM
The stolen money by Politicians should NOT be included in the "restructuring" process. First of all, IMF should request UNP to return bond scam money.
Kevin Wednesday, 27 September 2023 02:42 AM
Another two holidays coming up. Not a surprise.
Solution Wednesday, 27 September 2023 03:11 AM
More taxes and more govt spending cuts are the solution.
down under Wednesday, 27 September 2023 04:17 AM
What steps the government has taken so far to stop the malpractices at major government entities such as customs, excise
Ram Wednesday, 27 September 2023 05:52 AM
President galivanting with opposition MPs using limited Forex available. We the people must tighten out belts. IMF, please put some sense into the politicians who are extravagant in their spending
Dee Wednesday, 27 September 2023 06:25 AM
A future NPP government will increase revenues way beyond IMF expectations! The NPP backed unions can RIP!
Sambo Wednesday, 27 September 2023 07:38 AM
How do they increase revenue by increasing taxes and by increasing taxes the price of goods goes up and the public has no buying power. These morons don't think of that as they get everything free.
Terrence K Wednesday, 27 September 2023 08:06 AM
Take it slow IMF since increasing Revenue should be done gradually as at present our population is heavy burdened with the increase in the cost of living which has suddenly depleted their incomes by the sudden increase in food items, electricity, water, fuel, taxation etc. All these have aggravated by the poor policies of governments of the past where many segments of professions do not provide to the kitty of Revenue. The ruling politicians should bring everyone into the tax net instead of giving preferential treatment to some whilst others carry heavier burdens of tax.
joshua Wednesday, 27 September 2023 09:00 AM
Revenue shortfall does not mean more taxes. It is because of corruption and inefficiencies in the public sector and the stinking politicians. General public cannot be taxed further for their sins. It is high time for the people to rise against this stupid lots
Jude Wednesday, 27 September 2023 09:40 AM
What's the SL Entourage to America for annual September UN circus!! Now bunch of henchmen travelled waisting precious forex!!
Jude Wednesday, 27 September 2023 09:43 AM
Hey IMF DON'T THROW GOOD MONEY AFTER BAD !!!
Revernue would be up if there was more freedoms for the public Wednesday, 27 September 2023 09:47 AM
Biggest cause of problems and corruption is having religion in the Consituation. Western democracies which have good lifestyles for their citizens, long ago ditched anything related to religion in their Constitutions. Unless there is oil like Saudi Arabia, there is no hope for our public to get better off without freedoms. And in Saudi the people are cruel. Recently young woman work as housemaid complain she not get enough food, and their Saudi masters fed her steel nails. Such is citizens of rich nations with too much religion behave.
Percy Wijenayake Wednesday, 27 September 2023 06:06 PM
The volume of existing tax files versus, population over 18 age, will explain the inefficiency of the Inland Revenue.
ANNECUNT Thursday, 28 September 2023 01:42 AM
Namal will never be the president in his life time
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