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Last Updated : 2024-05-19 22:04:00
22 February 2023 06:12 am - 15 - {{hitsCtrl.values.hits}}
After months of struggle and challenges, Sri Lanka has been successful in fulfilling the 15 tasks set by the International Monetary Fund (IMF), and now awaits for the verdict if enough has been done to unlock the bailout, the government said.
President Ranil Wickremesinghe confirmed that only last week the final requirement of the Fund was fulfilled and with that Sri Lanka has done its part to obtain the relief package.
The fifteenth issue that had to be addressed was the increase in electricity tariffs as the severely mismanaged Ceylon Electricity Board (CEB) continues to incur losses, and is a heavy burden on the government.
According to Wickremesinghe, Sri Lanka missed fulfilling the 15 tasks within the set deadline twice. Initially, the IMF gave the government until 31 December 2022 to implement all tasks, and then the deadline was pushed to 31 January 2023. In both instances, Sri Lanka was unable to deliver what was expected from it to release the fund.
“Finally, the deadline was pushed back to February 15. By 06:00 p.m. on February 15, we completed all that was expected of us and sent them to Washington.
"Only one of these fifteen issues was being delayed. It is related to the increase in electricity tariffs. The Electricity Board incurs Rs.230 billion each year in losses,” said Wickremesinghe addressing a businessmen and lawyers in Kandy this week.
The IMF has been firm that government taxes cannot be used to support state-owned institutions, and if so it will not extend assistance.
“One person in this country opposed the decision to increase the electricity tariff. As a result, receiving assistance from the International Fund was delayed by six weeks.
“All 15 tasks assigned to us have been completed. Now it is up to the International Monetary Fund. This is being discussed further,” said Wickremesinghe.
Further, while the Fund has been urging creditors to restructure debt to help struggling economies recover, China, one of the largest creditors, remains stubborn with the restructuring agenda. Tomorrow (February 23), Finance Ministers of the G20 countries will hold a discussion in Bangalore, India where the emphasis will be on how the debt of countries with collapsed economies can be restructured.
“There I hope to discuss the debt restructuring method of Sri Lanka with the Chinese Finance Minister. As per their stand, we have two or three options to implement,” said Wickremesinghe.
Mohamed Thahir Wednesday, 22 February 2023 06:31 AM
Mr. President, this article says “severely mid managed CEB” please take action to manage CEB with proper management specially corruption from the top to bottom both political and administrative authorities not only at CEB but in all public entities without loading the burden on poor folk.
True Sri Lankan Wednesday, 22 February 2023 06:57 AM
The most important task is preserving DEMOCRACY ! By postponing elections the country has completely failed as a democracy and heading towards a dictatorship ! I would be surprised if IMF grants funds to a potential dictatorship....
Premalal Perera Wednesday, 22 February 2023 07:29 AM
Increasing the electricity tariff is easy, imposing draconian taxes is easy but how are people going to pay them when you and the Rajapakses have robbed the country dry? The total economic and social annihilation of the nation seems inevitable under your watch.
Concerned Citizen Wednesday, 22 February 2023 07:30 AM
The main task should be to test the People’s Mandate ! Without having a government with the people’s mandate, none of the initiatives proposed by IMF will be successful. You need the citizens support to initiate reforms !
Sunil Wednesday, 22 February 2023 08:29 AM
What a damned lie. Besides, $2.9 billion to be given in three years is nothing when compared to the $51 billion that we owe.
KD Wednesday, 22 February 2023 08:58 AM
Well done. Ranil must be commended for rescuing the country from even bigger collapse last July. We were on the brink of a much bigger mess that most people in this country do not realize. He has done remarkably well. Now lets just get this IMF deal and then improve our credit ratings and allow country to return to normal (from a foreign exchange balance point of view).
Born again Wednesday, 22 February 2023 09:28 AM
Wastage and corruption not addressed
Punchi Wednesday, 22 February 2023 09:34 AM
Eriteria has 2% diaspora tax on citizens living abroad. We should also implement same on all those including children and grand children of Sri Lankan descent people born abroad. Since the Tamil diaspora is wealthy we can impose standardisation like we did for Tamil University entrance, ie they pay double 4% diaspora tax
Roshanaly Wednesday, 22 February 2023 10:25 AM
IMF forgot to stress on Corruptions and wastage.
Ranjith Perera Wednesday, 22 February 2023 11:20 AM
It is not you decide what IMF have demanded to grant funds to bail out of this crisis , after all it is people who pay price of this package with no guarantee of deliveries promised good given failures of similar IMF packages in other part of world at the expense of social indicators which provides information quality of life where consequences can spread over time and space. Therefore ,let people decide whether we accept it or not after all there are sovereign of this land.We are not a land of parochialism where corrupt politicians who pursue their self interests instead of welfare of this land. You negotiate we decide by ballet at election or referendum.That is our right which is inalienable. I am a proponent of negotiation of IMF which minimize social and economic cost to people.
Ram Wednesday, 22 February 2023 11:28 AM
China is yet to satisfy IMF condition RW is wrong
Gamaya Wednesday, 22 February 2023 11:48 AM
Reminds of Asterix's 10 tasks to prove that they are gods. What next after IMF? What plans do you have? Any other taxes you can impose to get more money?
L Jaya Wednesday, 22 February 2023 11:57 AM
I wish to invite RWs attention to the Ash-Wednesday Holy Gospel Matthew 6:1-6, 16-18 where it says people who show off will be humbled. Therefore, do not make yourself exalted by public expense
Damian Perera Wednesday, 22 February 2023 12:43 PM
This man is a failed politician will burden the citizens with everything to live in his dreamland.
Arandara Wednesday, 22 February 2023 04:36 PM
What is seen in Sri Lanka is a scenario of instability with unending Protests and Strikes. In this situation doubts may be cast as to whether any assistance given by the IMF would be utilised prudently. The present Administration which is holding Office temporarily may irresponsibly run through all what is received leaving the incoming Government unable to Account for it.
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