The International Monetary Fund says that Sri Lanka has so far failed to make enough progress in boosting tax collection and other economic reforms sought by the IMF
Sri Lanka has so far failed to make enough progress in boosting tax collection and other economic reforms for the International Monetary Fund to release a second tranche of $330 million in the country’s $2.9 billion bailout from bankruptcy, the IMF said.
“Despite early signs of stabilization, full economic recovery is not yet assured,” the statement said, adding that the country’s accumulation of reserves has slowed due to lower-than-projected gains in the collection of taxes.“To increase revenues and signal better governance, it is important to strengthen tax administration, remove tax exemptions, and actively eliminate tax evasion,” the statement said.
The IMF agreed in March of this year to a $2.9 billion bailout package as Sri Lanka negotiates with its creditors to restructure the debt, aiming to reduce it by $17 billion. It released an initial $330 million in funding for Sri Lanka shortly after reaching that agreement.
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