IMF mission to extend technical assistance for Sri Lanka to manage fiscal issues

The International Monetary Fund will extend capacity development assistance mainly technical assistance and training in handling fiscal issues in response to a government request, an IMF spokesman confirmed to the Business Times.

A technical expert team from the IMF is to undertake this task soon to enhance the capabilities of institutions in managing fiscal matters specially the fiscal management department of the finance ministry effectively.

It’s important to note that this mission is distinct from programme review missions, the spokesperson without mentioning the date of arrival of their team in Sri Lanka.

While programme review missions typically assess the progress of countries enrolled in IMF programmes, the focus of the capacity development mission is to provide specialised assistance and training at the request of member countries, he clarified.

It is part of the IMF’s broader commitment to facilitating economic stability and development among its member countries, he added.

Capacity development accounts for around a third of the IMF’s annual spending. It is available to all members upon their request and is tailored to a country’s specific needs.

It is aimed at helping countries to improve tax collection and bolster public finances and modernise their monetary and exchange rate policies, develop legal systems, or strengthen governance.

Capacity development also helps countries collect and disseminate data to inform decision-making. (BS)