The IMF’s second tranche will go to a Sri Lanka that is ready for financial discipline, transparency and anti-corruption

(LANKAPUVATH | COLOMBO) – State Minister of Finance Shehan Semasinghe says that receiving the second instalment of the extended fund facility provided by the International Monetary Fund will give a positive message to local and foreign investors about the future economy of Sri Lanka. The State Minister points out that the reason for this is that the measures have been taken to implement the proposals presented by the International Monetary Fund, including fighting corruption, maintaining financial discipline, and creating transparency.

“About 333 million US dollars is to be received as the second instalment of the extendedfund facility provided by the International Monetary Fund. Mr.Semasinghe expressed these views while addressing the event “Unlocking the power of taxes” yesterday (16).

The State Minister also said:

“The economy of this country has entered the right path. Inflation is coming down and the rupee is becoming stable. We expect the cost of living to come down further after the implementation of the domestic credit optimization program. Also, receiving the second installment of the International Monetary Fund will be more convenient.”

State Minister Semasinghe pointed out that Sri Lanka, as a country that has properly learned from the crisis, is being discussed in front of the international community. He further mentioned that what is happening in the country at the moment is what was necessary for a sustainable economy which had been expected by various governments for many years, but missed.

He further mentioned that as a country with anti-corruption laws, a country with transparency, and a country with financial discipline, Sri Lanka has entered the path of receiving the second instalment of the Fund facility of the International Monetary Fund. Stating that digitalization of the economy is the most important step to create tax transparency, the State Minister pointed out that as a first step, the Inland Revenue Department’s RAMIS system will be fully operational by next month.

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