The International Monetary Fund (IMF) said a staff team of the global lender concluded a visit to Sri Lanka to discuss the progress of the island nation’s economic reform program.
An IMF staff team led by Jaewoo Lee visited Colombo during September 18-29, 2017 to hold discussions on the third review of Sri Lanka’s economic program that is being supported by a three-year Extended Fund Facility (EFF).
Issuing a statement at the end of the visit, the IMF said the passage of the landmark Inland Revenue Act (IRA) is a major achievement which in turn will support the government’s ambitious social and developmental program.
The mission commended the authorities for the strong efforts in implementing their IMF-supported economic reform program with all quantitative performance targets through end-June 2017 having been met and the landmark Inland Revenue Act (IRA) legislation passed by Parliament.
The IMF said fiscal consolidation based on stronger revenues remains essential for reducing high public debt and to remain on this path, further broadening of the tax base is needed to fund the social and development spending in the 2018 budget.