The International Monetary Fund states that owing to drops in import expenditure & tax exemptions the tax revenue of the island has dropped by 11%.
Addressing a media briefing held in Colombo today a group of IMF delegates made this revelation prior to their departure from the island.
Head of the IMF mission to Sri Lanka, Dr. John Nelmes made the following observations concerning the countries current economic status as he made the opening remarks of today's media briefing.
Speaking further Dr. Nelmes noted that the delegation had recommended a new formula based on which electricity tariffs should calculated.
However the Central Bank yesterday noted that it would not be relying on an IMF sponsored loan facility in future.
Nevertheless Head of the IMF mission to Sri Lanka Dr. John Nelmes expressing his views in this regard today noted that the IMF was more than willing to assist Sri Lanka should it decide to move in on a loan facility once more.