Sri Lanka’s Revenue Mobilization Falls Short of IMF Projections

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Sri Lanka’s Revenue Mobilization Falls Short of IMF Projections
Credit: © Reuters.

The International Monetary Fund (IMF) has expressed concerns over Sri Lanka's revenue mobilization gains, stating that they are expected to fall short of initial projections by nearly 15 percent by the end of the year. The statement, released on Wednesday, indicates that although there has been an improvement relative to last year, the gains are not meeting expectations.

Despite this, the IMF has acknowledged Sri Lanka's commendable progress in implementing difficult but necessary economic reforms. The fund also confirmed that discussions will continue towards reaching a staff-level agreement in the near term.

The statement from the IMF follows its decision last year to approve a three-billion-dollar Extended Fund Facility (EFF) to support Sri Lanka's economic policies and reforms. This facility was aimed at bolstering the country's economy and facilitating the implementation of these reforms.

The Central Bank of Sri Lanka, located in Colombo, is at the heart of these ongoing efforts towards economic stabilization and growth. As discussions between Sri Lanka and the IMF continue, stakeholders are closely monitoring developments in hopes of positive outcomes for the country's economy.

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