Finance Ministry unveils action plan based on IMF Governance Diagnostic Assessment

Saturday, 2 March 2024 01:16 - - {{hitsCtrl.values.hits}}

State Minister of Finance Shehan Semasinghe says
Sri Lanka set to become first in Asia to initiate such measure
Targets to address critical areas identified by IMF assessment to build sustainable economy
Action plan includes tax revisions, procurement process reforms, restructuring SOEs
Measures hope to increase revenue generation, improve governance, boost economic growth

State Minister of Finance Shehan Semasinghe announced that the Government has unveiled its action plan in response to the Governance Diagnostic Assessment (GDA) presented by the International Monetary Fund (IMF).

The strategic initiative aims to pave the way for a sustainable economy in line with Sri Lanka’s proposals.

“This shows the Government’s commitment to the IMF program and signifies a crucial step towards improving economic stability and growth. Sri Lanka will be the first country in Asia to embark on such an activity,” he added.

The action plan outlined by the Government entails a series of targeted interventions across various institutions, with particular focus on the Finance Ministry. Among the key initiatives included in the plan are tax revisions aimed at enhancing revenue generation, streamlining the procurement process by adopting internationally recognised methods and undertaking the restructuring of State-owned enterprises (SOEs) to improve efficiency and effectiveness.

State Minister Semasinghe noted that these measures are designed to address the critical areas identified in the IMF’s GDA and lay the foundation for sustainable economic development in Sri Lanka.

“By proactively engaging with the recommendations put forth by the IMF, the Government aims to instil confidence among domestic and international stakeholders, whilst championing a conducive environment for investment and growth,” he added.

Acknowledging the high expectations for tangible improvements in governance, Semasinghe called for collective support on transparency and fiscal stability.