Budget 2024 improves transparency in IMF program progress

Monday, 11 December 2023 02:37 - - {{hitsCtrl.values.hits}}

‘Unknown’ commitments reduce from 21 to 15 out of the 73 due by end-November

The transparency in Sri Lanka’s ongoing International Monetary Fund (IMF) program improved in November following the publication of several supporting documents with the 2024 budget, according to the latest update of Verité Research’s ‘IMF Tracker’.

The supporting documents have provided information on the progress of six commitments which were previously classified as ‘unknown’. Five of the commitments have now been reclassified as ‘met’ and one – the tax revenue target, as ‘not met’.

Of the 73 commitments due by end-November, 12 are ‘not met’, 15 are classified as ‘unknown’, and 46 as ‘met’. Therefore, 63% of the commitments due by end November have been verifiably completed. This means, however, that Sri Lanka’s overall performance remains less than impressive.

The IMF board will vote tomorrow (12 December) on the disbursement of the program’s second tranche of around $ 330 million, which was originally expected in September. IMF Tracker will be updated with the revised set of commitments and timeframes that are likely to emerge from the request for board approval to disburse the tranche.

IMF Tracker is the first and only platform which has been tracking the 100 commitments identified at the start of Sri Lanka’s 17th IMF program. It is available for the public on the website of Verité Research’s manthri.lk platform at https://manthri.lk/en/imf_tracker.

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