Ceylon Chamber calls on govt. to maintain current reform momentum

The Ceylon Chamber of Commerce (CCC) yesterday urged the government to maintain the momentum of the current reform agenda, to steer the economy towards lasting recovery and stable, inclusive growth. 
The CCC shared its view while commending the government for its efforts in securing the board level agreement on the second review of the Extended Fund Facility with the International Monetary Fund (IMF).
In a statement to the media, the CCC noted that a significant challenge to address would be the implementation of fiscal reforms, including the broadening of taxes, supported by digitisation. 

“It is crucial to address the persistent issues related to governance weaknesses and corruption vulnerabilities. The IMF’s Governance Diagnostic Assessment aligns with our call for reforms in these critical areas,” the CCC said. 
The IMF in its announcement of the approval of the second review this week said despite the positive developments, important vulnerabilities and uncertainties remain, especially in light of the ongoing debt restructuring and upcoming elections. 
The CCC also highlighted the importance of collective action, urging the Sri Lankan citizens to take ownership of the reform agenda. 
“Collective action is vital to navigate the country’s financial challenges and set Sri Lanka back on a growth 
path,” the CCC said.