Be the First to Know

lanka matrimony

Finance Ministry publishes Government Action Plan

0 0

The Finance Ministry has published the Government Action Plan on February 29, 2024 based on the recommendations of the recently concluded Governance Diagnostic Assessment (GDA) by the International Monetary Fund (IMF) which had been done at the request of Sri Lanka.

State Finance Minister Shehan Semasinghe made this communiqué on his ‘X’ account, ahead of the scheduled visit of an IMF team to Sri Lanka who will be arriving for the second review of the Extended Fund Facility (EFF) programme which is scheduled to commence on March 7 which was stated by State Minister Semasinghe on Wednesday (28) during a press briefing.

The State Minister added that this Government Action Plan further demonstrates the Sri Lankan government’s commitment to building a sustainable economy and good governance in the country. Sri Lanka is the first country in Asia to have undergone the IMF Governance Diagnostic exercise and the IMF had previously commended the timely publication of the GDA by the GOSL.

The IMF has set 15 Reform Commitments to be implemented by the Government of Sri Lanka through related state institutions, providing Completion dates for each one of them and others that require ongoing implementations with regular updating.

The Government Action Plan published to complete the recommendations and reform commitments set by the IMF, details the tasks that have been already completed before the completion dates and those that are ongoing carried out by relevant state departments.

According to the Government Action Plan, two Reform Commitments set by IMF in the GDA have been already completed successfully on time, several others nearing implementation stage and other reforms being worked on by assigned state institutions and Ministries to ensure that the recommendations made by IMF are implemented in a timely and efficient manner towards the development of the country.

In line with requirements under the 21st Amendment to the Constitution, the Constitutional Council will develop rules for appointing Commission to Investigate Allegations of Bribery or Corruption (CIABOC) Commissioners that will establish an open and transparent process to ensure selected candidates meet the highest levels of professionalism, ethical conduct, and integrity. These rules will be published in the Gazette. This reform commitment has been implemented in full and completed by the GOSL through the Constitutional Council.

Publish on a designated website: (i) all public procurement contracts above LKR 1 billion, along with comprehensive information in a searchable format on contract award winners; (ii) a list of all firms receiving tax exemptions through the Board of Investment and the SDP, and an estimation of the value of the tax exemption; and (iii) a list of firms receiving tax exemptions on luxury vehicle import. Information to be updated every 6 months. The Ministry of Finance has completed this IMF reform commitment and has published the three relevant links to the websites and will carry out semiannual updates for them and will make available tax expenditure on Corporate Income Tax on an annual basis.

The post Finance Ministry publishes Government Action Plan appeared first on DailyNews.

Leave A Reply

Your email address will not be published.