Sri Lanka is to receive 333 million dollars as the first installment of the US$3 billion credit facility approved by the International Monetary Fund for Sri Lanka within the next two days.
The entire three billion dollar facility is to be disbursed over four years. But for that, Sri Lanka must fulfill the recommendations and conditions presented by the International Monetary Fund.
Accordingly, the main conditions imposed by international finance that Sri Lanka should implement next are as follows.
- The debt restructuring plan should be submitted by the end of April
- An anti-corruption law consistent with UN standards should be introduced
- The government should take necessary steps to increase the state revenue very soon
- Levying a wealth tax with higher contributions from higher income earners
- Introduction of property and wealth transfer tax by 2025*Aiming to bring inflation down to 12%-18% by the end of 2023
- By the end of June, the currently imposed import and export restrictions should be removed
- Maintaining exchange rate flexibility
- Making Central Bank more independent
- Introducing a strong social safety net