Finance
Sri Lankan President Ranil Wickremesinghe has formed a committee to oversee the country’s use of the International Monetary Fund’s (IMF) credit facility, according to state media on Sunday.
According to the Sunday Observer, the committee includes Sagala Ratnayaka, the president’s chief of staff, Treasury Secretary Mahinda Siriwardana, Central Bank Governor Nandalal Weerasinghe, and a group of experts.
According to Xinhua News Agency, the committee’s main responsibility is to regularly monitor the IMF process and examine tax policies, including changes in tax percentages and the possibility of increasing direct taxes while decreasing indirect taxes.
Furthermore, the committee will ensure that the IMF’s conditions are effectively implemented, according to state media.
The committee will report to the cabinet once a month on key issues, including ordinances such as the anti-corruption act, as directed by the president.
The president will make recommendations on how the committee should operate, and cabinet approval will be sought in due course.
Sri Lanka began talks with the international lender in 2022, following a severe economic crisis.
Source:IANS
