Budget 2024 improves transparency in IMF programme progress I Sri Lanka Latest News

‘Unknown’ commitments reduce from 21 to 15 out of the 73 due by end-November

The transparency in Sri Lanka’s ongoing International Monetary Fund (IMF) programme improved in November following the publication of several supporting documents with the 2024 budget, according to the latest update of Verité Research’s ‘IMF Tracker’.

The supporting documents have provided information on the progress of six commitments which were previously classified as ‘unknown’. Five of the commitments have now been reclassified as ‘met’ and one – the tax revenue target – as ‘not met’.

Of the 73 commitments due by end-November, 12 are ‘not met’, 15 are classified as ‘unknown’, and 46 as ‘met’. Therefore, 63% of the commitments due by end of November have been verifiably completed. This means, however, that Sri Lanka’s overall performance remains less than impressive.

Vote on second tranche tomorrow

The IMF board will vote tomorrow (12 December) on the disbursement of the programme’s second tranche of around USD 330 million, which was originally expected in September. IMF Tracker will be updated with the revised set of commitments and timeframes that are likely to emerge from the request for board approval to disburse the tranche.

IMF Tracker is the first and only platform which has been tracking the 100 commitments identified at the start Sri Lanka’s 17th IMF programme. It is available for the public on the website of Verité Research’s manthri.lk platform at https://manthri.lk/en/imf_tracker.

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