Monday, 10 June 2024 15:23

Sri Lanka still fails to fulfill 25% of the IMF commitments Featured

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Sri Lanka is still failing on the governance improvements that are foundational for its economic recovery said Verite Research yesterday ahead of the IMF Executive Board’s review on the release of third tranche to the country on 12 June.

According to the latest update of the ‘IMF Tracker’ by Verité Research, Sri Lanka verifiably failed to meet 25% of the commitments due by the end of May under the program renewed in December 2023.

Of the 63 commitments due, 32 were classified as ‘met’, 16 as ‘not met’, and 15 as ‘unknown’ – meaning data was not available to verify the status.

The prognosis of failing on governance comes from examining the 16 commitments that were ‘not met’. 7 of them were on financial management, 6 on financial transparency, and 3 on anti-corruption measures.

Sri Lanka is failing to comply with the IMF program precisely on the aspects that were diagnosed as the root causes of the economic crisis – problems of financial transparency, management and corruption.

 

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