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Lanka meets 33 IMF commitments by June – Verité Research

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Sri Lanka had verifiably met 33 of the trackable programme commitments of the International Monetary Fund (IMF) programme as at the end of June 2023 but had failed eight, according to the ‘IMF Tracker’, an online tool launched by Verité Research.

The eight failed programmes include, obtaining cabinet approval for the restructuring plan of key State-Owned Enterprises (SOEs), enacting new anti-corruption legislation, publishing the annual reports of all 52 major SOEs for 2022, and preparing a plan to gradually eliminate import restrictions.

The second commitment pertains to the publication of annual reports for all 52 major SOEs up to 2022. A recent infographic by publicfinance.lk revealed that only 11 out of the 52 key SOEs have published their annual reports up to 2022. This lack of information dissemination can also be seen in the non-publication of a plan to phase out import restrictions.

Lack of Information is also a concern. As at the end of June, the commitments classified as “unknown”, where the information required to make an assessment was not available, had risen to 14%, more than double the percentage of the previous month (6%). Verité Research notes that timely progress on the IMF programme has two benefits. First, there are the material benefits that can result from many (not all) of the actions. Second, it can improve confidence in Sri Lanka’s governance, which then helps negotiations to restructure the burden of past debt and speed up the path to future economic recovery.

‘The IMF Tracker is currently tracking 100 identified commitments recorded along with Sri Lanka’s Letter of Intent to the IMF on the programme approved on March 20, 2023. The platform will assist the government and people of Sri Lanka, as well as the IMF, to better understand and track Sri Lanka’s progress and timeliness in meeting these commitments. The IMF Tracker is now available to the public on manthri.lk – an online platform run by Verité Research

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