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IMF Senior Mission Chief holds talks on SL’s Power and Energy Sectors with Minister

January 18, Colombo (LNW): Senior Mission Chief of the International Monetary Fund (IMF) for Sri Lanka Peter Breuer engaged in substantive discussions with Minister of Power and Energy Kanchana Wijesekera on Wednesday (17).

The meeting, attended by officials from the Ministry, Ceylon Petroleum Corporation (CPC), and the Ministry of Finance, focused on the extensive reforms initiated by the government in the electricity and energy sectors.

The deliberations included an in-depth analysis of the cost-reflective fuel pricing formulas, addressing the crucial aspect of aligning fuel prices with the actual costs incurred. The IMF’s insights and recommendations in this area can potentially contribute to the sustainability of the energy sector.

The meeting touched upon the importance of conducting forensic audits to ensure transparency and accountability in the operations of the power and energy sectors. The IMF, known for its global expertise, explored avenues for enhancing governance and financial oversight.

Discussions extended to scrutinising balance sheets and evaluating the overall financial health of entities within the power and energy sectors. Examining financial indicators is crucial for understanding the economic viability and sustainability of these sectors.

The potential impact of taxes on the electricity and energy sectors was a key aspect addressed during the meeting. IMF officials and the Sri Lankan authorities engaged in a constructive dialogue to assess the implications of taxation on the overall economic dynamics.

The meeting provided a platform to delve into the various sectoral reforms undertaken by the government. Evaluating the effectiveness of these reforms and identifying areas for further improvement were central to the discussions.

The comprehensive nature of the discussions reflects the mutual interest in fostering transparency, sustainability, and efficiency within Sri Lanka’s power and energy sectors.

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