IMF+approves+US%24167.2+million+second+tranche+of+EFF
Tuesday, 18 July 2017 - 7:35
IMF approves US$167.2 million second tranche of EFF
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The Executive Board of the International Monetary Fund completed the second review of Sri Lanka's Extended Fund Facility arrangement, which enables the disbursement of about 167.2 million dollars.

On July 17, the Executive Board of the IMF completed the second review of Sri Lanka's economic performance under the program supported by a three-year extended arrangement under the Extended Fund Facility arrangement.

Announcing its decision, the IMF said Sri Lanka's new Inland Revenue Act will support fiscal consolidation, make the tax system more efficient and equitable, and generate resources for social and development programs.

The government's reform program, supported by the IMF, aims to reduce the fiscal deficit, rebuild foreign exchange reserves, and introduce a simpler, more equitable tax system to restore macroeconomic stability and promote inclusive growth.
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