Sri Lanka to implement 10 IMF conditions for economic recovery
Sri Lanka has announced its commitment to implementing 10 conditions set forth by the International Monetary Fund (IMF) to rebuild its struggling economy. The conditions include presenting a loan rebuilding plan by the end of April, introducing anti-corruption laws, increasing state revenue, and imposing a wealth tax with higher contributions from high-income earners.
The country will also introduce a property tax and wealth exchange tax by 2025 and aim to bring inflation down from its current high of 12%-18% by 2023. Sri Lanka will systematically remove current import-export restrictions by June and increase exchange rate flexibility to boost its economic prospects.
To make the Central Bank more independent, Sri Lanka will take measures to ensure its autonomy, while also providing a social security net to support the country’s energy needs. With these measures in place, Sri Lanka hopes to strengthen its economy and pave the way for long-term growth and stability.