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Sri Lanka Unveils Government Action Plan in Response to IMF Recommendations

March 02, Colombo (LNW): The Finance Ministry of Sri Lanka released the Government Action Plan based on the recommendations of the recently concluded Governance Diagnostic Assessment (GDA) conducted by the International Monetary Fund (IMF). The GDA was initiated at the request of Sri Lanka, making it the first country in Asia to undergo this comprehensive exercise.

State Finance Minister Shehan Semasinghe announced this significant development, emphasizing the commitment of the Sri Lankan government to fostering a sustainable economy and good governance. The release of the Government Action Plan precedes the upcoming visit of an IMF team for the second review of the Extended Fund Facility (EFF) program, scheduled to commence on March 7.

The Government Action Plan outlines tasks aimed at fulfilling the 15 Reform Commitments set by the IMF through relevant state institutions. The IMF has provided completion dates for each commitment, including ongoing implementations with regular updates.

According to the plan, two Reform Commitments outlined in the GDA have already been successfully completed on time, with others nearing the implementation stage. The government is actively working on reforms assigned to state institutions and ministries to ensure the timely and efficient implementation of IMF recommendations for the country’s development.

One notable achievement highlighted in the plan is the full implementation of the reform commitment under the 21st Amendment to the Constitution. This involves the development of rules by the Constitutional Council for appointing Commissioners to the Commission to Investigate Allegations of Bribery or Corruption (CIABOC). The rules aim to establish an open and transparent process to ensure selected candidates meet high standards of professionalism, ethical conduct, and integrity.

Additionally, the Ministry of Finance has successfully completed another IMF reform commitment, requiring the publication of information on a designated website. This includes details on all public procurement contracts above LKR 1 billion, firms receiving tax exemptions through the Board of Investment and the SDP, and firms receiving tax exemptions on luxury vehicle imports. The Ministry pledges to provide semiannual updates for these details, ensuring transparency and accountability in economic practices.

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