President Ranil Wickremesinghe has established a committee to oversee the utilisation of the credit facility provided by the International Monetary Fund (IMF).The committee, which comprises President’s Chief of Staff Sagala Ratnayaka, Treasury Secretary Mahinda Siriwardena, Central Bank Governor Dr. Nandalal Weerasinghe, and a group of experts.
The Committee will operate subject to the Cabinet’s approval.The committee’s main responsibility is to monitor the IMF process regularly and examine tax policies, including changes in tax percentages and the possibility of increasing direct taxes while decreasing indirect taxes.
Additionally, the committee will ensure that the IMF’s conditions are implemented effectively.As per the President’s instructions, the committee will report to the Cabinet once a month on key issues, including Ordinances such as the Anti-Corruption Act.
The President will make recommendations on the committee’s operation, and its approval will be sought from the Cabinet in due course.Sri Lanka started related negotiations with the international lender in 2022 after the country was hit by a severe economic crisis (RK)