30% of IMF programme commitments due in April not met

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By the end of April 2024, Sri Lanka has not met 30% of its due commitments, which translates to a total of 19 unfulfilled obligations. The majority of these unmet commitments pertain to enhancing transparency and enacting legislation. The summary of commitments that are not yet due is shown in the table below:

Transparency/Publishing Requirements	Enacting of legislation	Other
Publish semi-annually public procurement contracts and estimation of tax exemptions	Introduce automatic indexation of excises to inflation	Obtain Cabinet approval of a strategy to build a VAT refund system and achieve a full repeal of SVAT, with timeline and intermediate steps
Publish direct costs of tax incentives granted via the SDP and BOI act	Submission of the Public Finance management law to parliament	Obtain Cabinet approval of a reduction in the limit on government guarantees to 7.5 percent of GDP
Publication of a government action plan for implementing recommendations in the Governance Diagnostic report	Enact legislation on assets recovery in compliance with the UNCAC	Complete implementation of ITMIS
Ensure that the annual reports for 2022 of all 52 major SOEs are published	Make legislative change to set up a debt management agency	Social spending to 0.6 percent of GDP (LKR 187 Bn) by Dec 2023
Publish audited financial statements of all but five SOEs		Ensure that starting from January 2024, cash transfers under Samurdhi will cease
Publish quarterly debt bulletins
Publishing implementation plans for the Anti-Corruption Act
Introduction, tracking and reporting quarterly KPIs of tax compliance
Reporting of monthly cash flows by the Department of State Accounts
Implementation of the amendments to the Banking Act

2024-05-16

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