IMF says will examine Sri Lanka loan review in June

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The International Monetary Fund (IMF) said on Wednesday its executive board was likely to
consider in June Sri Lanka's request for the completion of a second loan review, which is a requirement for disbursing a third tranche of aid, REUTERS reported.

The three-year IMF loan is worth $1.5 billion and the next tranche would be for around $164million. Sri Lanka has already received $350 million in two previous installments.
The IMF, which has long urged Sri Lanka to boost tax revenue through modernisation and simplication of its fiscal system, urged the government to submit to parliament a new Inland
Revenue Act as a prior action.
"The new law should pave the way for a durable fiscal consolidation based on revenue mobilization — a key pillar of the government's reform program," it said in a statement.

Sri Lanka said on Wednesday the cabinet had now signed off on the legislation. Political consultancy Eurasia Group said last week Sri Lanka's slow progress in implementing the Inland Revenue Act had prompted the IMF to postpone the latest payment, which had originally been expected in April.

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