Sri Lanka had met 25% of IMF commitments and failed one by end-March: Verité Research

20 April 2023 01:37 pm Views - {{hitsCtrl.values.hits}} 3 Bookmark

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Sri Lanka had met 25% of the trackable programme commitments of the International Monetary Fund (IMF) programme as at the end of March 2023 but had failed on one, according to 'The IMF Tracker', a new online tool launched by Verité Research.

Many of the commitments met were classified as “prior actions” and met prior to the programme being approved by the IMF Board, Verité Research said.

"It said the Failed Commitment is the establishment of an online transparency platform.

This platform is expected to publish, on a semi-annual basis, information related to (i) all significant public procurement contracts, (ii) a list of all firms receiving tax exemptions through the Board of Investment, and (iii) a list of individuals and firms receiving tax exemptions on luxury vehicle imports.

It was due by 1 March 2023, but not met even by the end of that month. Lack of Information is also a concern. As at end March, 9% of the identified commitments had their progress status in the tracker classified as “unknown”. This means the information required to make
an assessment was not available," they said in a statement.

Verité Research noted 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 20 March 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 on meeting these commitments.

Comments - 3

Reformist Thursday, 20 April 2023 03:12 PM

It will fail the 17th time as well. SL rulers and public servants are not the kind of people you can task with the economic revival. They neither have the skills nor the independence to do such things. They are just chair warmers looking for an opportunity to rob something. SL needs to be handed over to a third party to govern and reform. False patriotism has no place anymore.

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Zaza Thursday, 20 April 2023 11:59 PM

Now we have an invisible new boss – IMF. Yet our Parliamentarians can play the Cat and Mouse game with our finances. They have done this for decades and until total fall came, we were kept in the dark. We need a system change. With 69 billion loaded onto our heads, there is no way. The Almighty Presidential system must go, the overloaded cabinet must go, and the enigmatic electoral system must go. Let Democracy bloom with accountability, transparency, and meritocracy.

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Insi Friday, 21 April 2023 12:46 AM

Sri Lanka only failed in establishment of transparency platform. Why is it even in the list? It is a known fact it will never be implemented. Why would thieves reveal their methods and opportunities to rob to the public? That requirement will never be met. IMF should amend their requirements instead of trying to live in a dream world.

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