The IMF tracker is an online tool that tracks the progress on government commitments in Sri Lanka's 2023 IMF Programme. The tracker will be updated on a monthly basis. Assessment as at 30 June 2024.
Progress:
Proposed Commitments on Expenditure Arrears
Proposed Commitments on External Payment Arrears
Proposed Commitments on Corporate Income Tax
Proposed Commitments on Credit to Government
Proposed Commitments on Debt Sustainability
Proposed Commitments on Excises Customs Duties
Proposed Commitments on Financial Sector
Proposed Commitments on Fiscal Reforms
Proposed Commitments on Fuel and Electricity - these refer to the obligations of Ceylon Petroleum Corporation (CPC) and Ceylon Electricity Board (CEB) to supply fuel and electricity at prices below cost-recovery levels.
Proposed Commitments on Governance
Proposed Commitments on Import Restrictions
Proposed Commitments on Inflation
Proposed Commitments on Monetary Rate Policies
Proposed Commitments on Net official International Reserves
Proposed Commitments on Other Taxes
Proposed Commitments on Personal Income Taxation on Capital Income
Proposed Commitments on Personal Income Taxation on Labour Income
Proposed Commitments on Primary Balance - Primary balance refers to the difference between a government's total revenues and its total non-interest expenses
Commitments that had to be met before the IMF board approval
Proposed Commitments on Property and Wealth Taxes
Proposed Commitments on Social Net Reforms
Proposed Commitments on Social spending on, (1) Samurdhi cash transfers; (2) assistance to the elderly (over 70 years of age); (3) allowance for disabled people; and (4) financial support for kidney patients.
Proposed Commitments on State Owned Enterprice Reforms
Proposed Commitments on Tax Revenue
Proposed Commitments on Treasury guarantees - A guarantee of a debt refers to any explicit legal obligation of the central government to service such a debt in the event of nonpayment by the recipient. Treasury guarantees exclude letters of comfort.
Proposed Commitments on Value Added Tax
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Cabinet approval on Banking Act
Cabinet approval of a full revision of the Banking Act in consultation with IMF staff.
more
A bill was published with cabinet approval on the 6th of February and currently awaiting parliamentary approval
Source: http://www.documents.gov.lk/files/bill/2024/2/452-2024_E.pdf
Met
30-Jun-23
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Enact new anti-corruption legislation
Enact new anti-corruption legislation to harmonize it with the United Nations Convention Against Corruption, pending comprehensive asset recovery provisions, in consultation with IMF staff.
more
The Anti-Corruption Law was enacted on the 8th of August 2023
http://www.documents.gov.lk/files/act/2023/8/09-2023_E.pdf
Met
30-Jun-23
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Transfer residual loans of Sri Lankan airlines to government balance sheet
After the envisaged restructuring, any residual government-guaranteed foreign exchange (FX) loans from Sri Lankan Airlines' balance sheet would be transferred to the government's balance sheet.
more
Met
30-Sep-23
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Establish electricity prices that ensure atleast full cost recovery - Quarterly
Maintain cost-recovery level of the end-user electricity tariff schedule (overall across different types of final consumers) with quarterly formulabased adjustments, on a forward-looking basis in January, April, July and October each year (effective from January 1, April 1, July 1, and October 1 respectively); the CEB submits tariff revision requests to the Public Utility Commission of Sri Lanka by end-October (for January tariff revisions), end-January (for April tariff revisions), end-April (for July tariff revisions) and end-July (for October tariff revisions); compensate the electricity sector for providing any residual subsidies with onbudget transfers; and use tariff surcharges in the interim, in case CEB is making losses.
more
The Prices were revised early in October 2023.
Source: https://www.pucsl.gov.lk/consultation-document-for-revision-of-electricity-tariffs-2023/
Met
31-Dec-23
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Establish fuel prices that ensure atleast full cost recovery
Set retail fuel prices to their cost-recovery levels with monthly formula-based adjustments, and compensate the CPC for providing any fuel subsidies with on- budget transfers.
more
Met
31-Dec-23
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Publish semi-annually public procurement contracts and estimation of tax exemptions
Publish on a semi-annual basis on a designated website (i) all public procurement contracts above Rs. 1 billion, along with comprehensive information in a searchable format on contract award winners; (ii) a list of all firms receiving tax exemptions through the Board of Investment and the SDP, and an estimation of the value of the tax exemption; and (iii) a list of firms receiving tax exemptions on luxury vehicle import.
more
Met
31-Dec-23
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Net official international reserves atleast at -$1,592 Mn by Dec 2023
Net official international reserves atleast at -$1,592 Mn by Dec 2023.
more
Met
31-Dec-23
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Parliamentary approval on 2024 appropriation bill
Parliamentary approval of the 2024 Appropriation Act and the spending allocations in line with program parameters.
more
The Appropriation Act was enacted on the 13th of December 2023
http://www.documents.gov.lk/files/act/2023/12/34-2023_E.pdf
Met
31-Dec-23
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Primary deficit atleast at 0.7 percent of GDP (-LKR 209 Bn) by Dec 2023
Primary deficit atleast at 0.7 percent of GDP (-LKR 209 Bn) by Dec 2023.
more
Met
31-Dec-23
-
Met
31-Dec-23
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Treasury guarantees at LKR 2,100 Bn by Dec 2023
Treasury guarantees at LKR 2,100 Bn by Dec 2023.
more
Met
31-Dec-23
-
Cost of Non-Commercial Obligations for Fuel and Electricity (Net of Government Transfers) at LKR 0 Bn
Cost of Non-Commercial Obligations for Fuel and Electricity (Net of Government Transfers) at LKR 0 Bn.
more
Met
31-Dec-23
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Stock of expenditure in arreras at a maximum of LKR 0 by Dec 2023
Stock of expenditure in arreras at a maximum of LKR 0 by Dec 2023.
more
Met
31-Dec-23
-
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by Dec 2023
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by Dec 2023.
more
Met
31-Dec-23
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Net credit to the government by the CBSL at a maximum of LKR 2,800 Bn by Dec 2023
Net credit to the government by the CBSL at a maximum of LKR 2,800 Bn by Dec 2023.
more
Met
31-Dec-23
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CCPI inflation between 8% and 2% by Dec 2023
Year-on-year inflation in Colombo Consumers Price Index between 8 and 2 percent by Dec 2023.
more
Source: http://www.statistics.gov.lk/InflationAndPrices/StaticalInformation/MonthlyCCPI/Movementsofthe_CCPI
Met
31-Dec-23
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Cabinet approval of quarterly revisions of electricity tariffs, starting in 2024
Cabinet approval of quarterly revisions of electricity tariffs, starting in 2024.
more
Source: Table 2. Sri Lanka: Structural Benchmarks - IMF Staff Report on the first review - Dec 2023
https://www.imf.org/en/Publications/CR/Issues/2023/12/12/Sri-Lanka-First-Review-Under-the-Extended-Arrangement-Under-the-Extended-Fund-Facility-542441
Met
31-Dec-23
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Cabinet approval of the package of revenue measures
Cabinet approval of the package of revenue measures.
more
Source: Table 2. Sri Lanka: Structural Benchmarks - IMF Staff Report on the first review - Dec 2023
https://www.imf.org/en/Publications/CR/Issues/2023/12/12/Sri-Lanka-First-Review-Under-the-Extended-Arrangement-Under-the-Extended-Fund-Facility-542441
Met
31-Dec-23
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Obtain Cabinet approval of a strategy to build a VAT refund system and achieve a full repeal of SVAT, with timeline and intermediate steps.
Obtain Cabinet approval of a strategy to build a VAT refund system and achieve a full repeal of SVAT, with timeline and intermediate steps.
more
Met
31-Dec-23
-
Publish a gazette on rules for appointing the CIABOC Commissioners
In line with requirements under the 21st Amendment to the Constitution, the Constitutional Council will develop rules for appointing CIABOC Commissioners that will establish an open and transparent process to ensure selected candidates meet the highest levels of professionalism, ethical conduct, and integrity. These rules will be published in the Gazette by end-December.
more
Met
31-Dec-23
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Settle mutual debt amongst CEB, SLA and CPC in a budget-neutral way
Settle mutual debts in a budget-neutral way (with additional equity injections into CEB and SLA almost exactly cancelling the CPC debt to the Treasury already reported in the fiscal accounts) by end-December 2023.
more
Source: https://economynext.com/sri-lanka-transfers-balance-cpc-forex-crisis-bank-debt-to-government-149823/
Met
31-Dec-23
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Publish audited financial statements of all but five SOEs
We anticipate that audited statements of all but five small SOEs would be available by end-December 2023.
more
We anticipate that audited statements of all but five small SOEs would be available by end-December 2023.
Met
31-Dec-23
-
Met
31-Dec-23
-
Refrain from approving tax consessions and strategic development projects
No longer approve new projects under the SDP Act as of December 2023.
more
Met
31-Dec-23
-
The IRD will fully implement a staff Code of Conduct
The IRD will fully implement a staff Code of Conduct by December 2023.
more
Met
31-Dec-23
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Create a HNWI unit within the Large TaxPayers Unit
Create and implement within the Large TaxPayers Unit a High Net Worth Individuals (HNWI) unit and a design and monitoring unit that includes a strengthened Risk Management Unit.
more
Met
31-Dec-23
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Obtain Cabinet approval of a reduction in the limit on government guarantees to 7.5 percent of GDP
Obtain Cabinet approval of a reduction in the limit on government guarantees to 7.5 percent of GDP.
more
Met
31-Dec-23
-
Parliamentary approval on Banking Act
Parliamentary approval for the amendments to the Banking Act consistent with IMF recommendations in MEFP.
more
Met
31-Jan-24
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Abolish major exemptions in VAT
Revamp the VAT system by abolishing the vast majority of exemptions.
more
Met
31-Jan-24
-
Adopt a medium-term IRD Modernization Strategy and Implementation Plan
Adopt by January 2024 a medium-term IRD Modernization Strategy and Implementation Plan with IMF FAD CD assistance.
more
Met
31-Jan-24
-
Make legislative change to set up a debt management agency
Complete necessary legislative requirements to establish a public debt management agency (PDMA) in line with international best practices.
more
Met
29-Feb-24
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Develop and adopt a credible strategy, with assistance from the International Finance Corporation (IFC), for the divestment of SLA
Develop and adopt a credible strategy, with assistance from the International Finance Corporation (IFC), for the divestment of SLA.
more
Met
29-Feb-24
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Develop a road map for restructuring CEB, including restructuring of its remaining legacy debts
Develop a road map for restructuring CEB, including restructuring of its remaining legacy debts.
more
Met
29-Feb-24
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Submission of the Public Finance management law to parliament
Submission to Parliament of a new PFM law, based on IMF TA, that will authorize the budget formulation process, roles and responsibilities of relevant agencies, and information and accountability requirements.
more
Met
29-Feb-24
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Government and CBSL to develop a detailed recapitalization plan for the remaining four banks
Government and CBSL to develop a detailed recapitalization plan for the remaining four banks.
more
Met
29-Feb-24
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Publication of a government action plan for implementing recommendations in the Governance Diagnostic report
Publication of a government action plan for implementing recommendations in the Governance Diagnostic report.
more
Met
29-Feb-24
-
Met
31-Mar-24
-
Net official international reserves atleast at -$2,035 Mn by March 2024
Net official international reserves atleast at -$2,035 Mn by March 2024.
more
Met
31-Mar-24
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Net credit to the government by the CBSL at a maximum of LKR 2,800 Bn by March 2024
Net credit to the government by the CBSL at a maximum of LKR 2,800 Bn by March 2024.
more
Met
31-Mar-24
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Met
31-Mar-24
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Proposed CBSL purchases of government securities in the primary market at LKR 0 by March 2024
Proposed CBSL purchases of government securities in the primary market at LKR 0 by March 2024
more
Met
31-Mar-24
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CCPI inflation between 8% and 2% by March 2024
Year-on-year inflation in Colombo Consumers Price Index between 8 and 2 percent by March 2024.
more
Source: http://www.statistics.gov.lk/InflationAndPrices/StaticalInformation/MonthlyCCPI/Movementsofthe_CCPI
Met
31-Mar-24
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Treasury guarantees at LKR 2,100 Bn by March 2024
Treasury guarantees at LKR 2,100 Bn by March 2024.
more
Met
31-Mar-24
-
Introduction, tracking and reporting quarterly KPIs of tax compliance
Introduction, tracking and reporting quarterly KPIs of tax compliance.
more
Met
31-Mar-24
-
Obtain Cabinet approval for an updated graduation strategy for Aswesuma beneficiaries
Obtain Cabinet approval of an updated graduation strategy for the four household categories that are receiving benefits under Aswesuma by end-March 2024.
more
Met
31-Mar-24
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Cabinet approval and publication of a framework to strengthen the governance of public bank
Cabinet approval and publication of a framework prepared in consultation with IMF [and WB] staff to strengthen the governance of public banks, requiring their boards to have a majority of independent members, and nominations for board and senior management to be made by the banks’ nomination committees following open search procedures with clear requirements for independence and professional experience.
more
Met
30-Jun-24
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Ensure that the annual reports for 2022 of all 52 major SOEs are published
Ensure that the remaining 19 major State-Owned Enterprises (SOEs) will publish audited financial statements for 2021 and that audited financial statements for 2022 will also be published.
more
Eight out of the key 52 SOEs don’t have audited financial statements
https://www.treasury.gov.lk/web/annual-reports-financial-statements-of-key-soes
Not Met
30-Jun-23
-
Improve BSTA to accurately measure electricity subsidy
Improve the Bulk Supply Transaction Account (BSTA) to accurately measure the electricity subsidy, and start using it to determine the cost-recovery based electricity tariff and government transfer requirement.
more
Not Met
31-Dec-23
-
Social spending to 0.6 percent of GDP (LKR 187 Bn) by Dec 2023
Social spending to 0.6 percent of GDP (LKR 187 Bn) by Dec 2023.
more
Not Met
31-Dec-23
-
Ensure that the transition to Aswesuma is complete by end December 2023
Ensure that the transition to Aswesuma is complete by end December 2023.
more
Not Met
31-Dec-23
-
Publishing implementation plans for the Anti-Corruption Act
Publishing implementation plans for the AC Act by December 2023.
more
Not Met
31-Dec-23
-
Ensure that starting from January 2024, cash transfers under Samurdhi will cease
Ensure that starting from January 2024, cash transfers under Samurdhi will cease.
more
A circular has been issued confirming the continuation of samurdhi.
Source: https://samurdhi.gov.lk/web/images/cercular/2024/letter%20head%20-%2001.11.pdf
Not Met
31-Jan-24
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Enhance RAMIS to support assessing income tax and SSCL
Enhance the electronic Revenue Administration Management Information System (RAMIS) to support the assessment of 2022/23 income tax returns and to administer and assess the Social Security Contribution Levy (SSCL) by end March 2024.
more
Not Met
31-Mar-24
-
Complete implementation of ITMIS
Completion of the rollout of the Integrated Treasury Management Information System (ITMIS), expanding its coverage to all 220 heads (national budget execution agencies).
more
Not Met
31-Mar-24
-
Implementation of the amendments to the Banking Act
Implementation of the amendments to the Banking Act.
more
Not Met
31-Mar-24
-
Reporting of monthly cash flows by the Department of State Accounts
Report monthly cash flows from revenues, expenditures, and financing by the third business day of the subsequent month by the Department of State Accounts.
more
Not Met
30-Apr-24
-
Enact legislation on assets recovery in compliance with the UNCAC
Enact a comprehensive Asset Recovery Law to harmonize it with the United Nations Convention Against Corruption, in consultation with IMF staff.
more
Not Met
30-Apr-24
-
Change legislation to make the minister responsible for fuel and electricity pricing
Introduce legislative reforms making the Minister of Power and Energy responsible for implementing cost-recovery based fuel and electricity price adjustments.
more
Pending
30-Jun-24
-
Pending
30-Jun-24
-
Net official international reserves atleast at -$1810 Mn by June 2024
Net official international reserves atleast at -$1810 Mn by June 2024.
more
Pending
30-Jun-24
-
Net credit to the government by the CBSL at a maximum of LKR 2,720 Bn by June 2024
Net credit to the government by the CBSL at a maximum of LKR 2,720 Bn by June 2024.
more
Pending
30-Jun-24
-
Stock of expenditure in arreras at a maximum of LKR 0 by June 2024
Stock of expenditure in arreras at a maximum of LKR 0 by June 2024.
more
Pending
30-Jun-24
-
Pending
30-Jun-24
-
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by June 2024
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by June 2024.
more
Pending
30-Jun-24
-
Proposed CBSL purchases of government securities in the primary market at LKR 0 by June 2024
Proposed CBSL purchases of government securities in the primary market at LKR 0 by June 2024.
more
Pending
30-Jun-24
-
CCPI inflation between 8% and 2% by June 2024
Year-on-year inflation in Colombo Consumers Price Index between 8 and 2 percent by June 2024.
more
Pending
30-Jun-24
-
Pending
30-Jun-24
-
Cost of Non-Commercial Obligations for Fuel and Electricity (Net of Government Transfers) at LKR 0 Bn
Cost of Non-Commercial Obligations for Fuel and Electricity (Net of Government Transfers) at LKR 0 Bn.
more
Pending
30-Jun-24
-
Treasury guarantees at LKR 2,100 Bn by June 2024
Treasury guarantees at LKR 2,100 Bn by June 2024.
more
Pending
30-Jun-24
-
Obtain Cabinet approval of the fiscal strategy statement (FSS) containing a medium-term fiscal framework (MTFF).
Obtain Cabinet approval of the fiscal strategy statement (FSS) containing a medium-term fiscal framework (MTFF).
more
Pending
30-Jun-24
-
Streamline the online portal for simplified individual income tax filing by June 2024
Streamline the online portal for simplified individual income tax filing by June 2024.
more
Pending
30-Jun-24
-
Ensure that processing tax collections is only carried out through RAMIS as of June 2024
Ensure that processing tax collections is only carried out through RAMIS as of June 2024.
more
Pending
30-Jun-24
-
Amend tax legislation to remove ministerial discretion
Amend the tax legislation (in particular, the Special Commodity Levy) to impose further discipline on the ministerial authority to introduce tax policy changes without prior parliamentary approval by end-June 2024.
more
Pending
30-Jun-24
-
Introduction, tracking and reporting quarterly KPIs of tax compliance
Introduction, tracking and reporting quarterly KPIs of tax compliance.
more
Pending
30-Jun-24
-
Publish asset declarations for senior officials
The operationalized Anticorruption commission shall publish asset declarations for senior officials in line with Anticorruption Act.
more
Pending
31-Jul-24
-
Pending
01-Oct-24
-
Net official international reserves atleast at -$1,524 Mn by Sept 2024
Net official international reserves atleast at -$1,524 Mn by Sept 2024.
more
Pending
01-Oct-24
-
Net credit to the government by the CBSL at a maximum of LKR 2,560 Bn by Sept 2024
Net credit to the government by the CBSL at a maximum of LKR 2,560 Bn by Sept 2024.
more
Pending
01-Oct-24
-
Stock of expenditure in arreras at a maximum of LKR 0 by Sept 2024
Stock of expenditure in arreras at a maximum of LKR 0 by Sept 2024.
more
Pending
01-Oct-24
-
Pending
01-Oct-24
-
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by Sept 2024
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by Sept 2024
more
Pending
01-Oct-24
-
Proposed CBSL purchases of government securities in the primary market at LKR 0 by Sept 2024
Proposed CBSL purchases of government securities in the primary market at LKR 0 by Sept 2024
more
Pending
01-Oct-24
-
CCPI inflation between 8% and 2% by Sept 2024
Year-on-year inflation in Colombo Consumers Price Index between 8 and 2 percent by Sept 2024
more
Pending
01-Oct-24
-
Pending
01-Oct-24
-
Cost of Non-Commercial Obligations for Fuel and Electricity (Net of Government Transfers) at LKR 0 Bn
Cost of Non-Commercial Obligations for Fuel and Electricity (Net of Government Transfers) at LKR 0 Bn.
more
Pending
01-Oct-24
-
Treasury guarantees at LKR 2,100 Bn by Sept 2024
Treasury guarantees at LKR 2,100 Bn by Sept 2024.
more
Pending
01-Oct-24
-
Cabinet approval for revenue measures for 2025
Cabinet approval of revenue measures requiring legislative amendments to support fiscal consolidation during 2025, in line with program parameters.
more
Pending
01-Oct-24
-
Introduction, tracking and reporting quarterly KPIs of tax compliance
Introduction, tracking and reporting quarterly KPIs of tax compliance.
more
Pending
01-Oct-24
-
Establish the debt management agency
Complete the establishment of the public debt management agency (PDMA)
more
Pending
31-Dec-24
-
Primary surplus to 0.8 percent of GDP by end 2024
Primary surplus to 0.8 percent of GDP by end 2024.
more
Pending
31-Dec-24
-
Update fiscal reporting framework to the GFSM 2014 standard by end-2024
Update fiscal reporting framework to the GFSM 2014 standard by end-2024.
more
Pending
31-Dec-24
-
Publish audited financial statements of the remaining five SOEs that required auditing from 2018, during 2024
Publish audited financial statements of the remaining five SOEs that required auditing from 2018, during 2024.
more
Pending
31-Dec-24
-
The IRD will publish a public report on steps taken and results obtained on the staff code of conduct by December 2024
The IRD will publish a public report on steps taken and results obtained on the staff code of conduct by December 2024.
more
Pending
31-Dec-24
-
Enact a Public Procurement Law by December 2024 that reflects international good practice and will coordinate with the WB to provide needed technical support
Enact a Public Procurement Law by December 2024 that reflects international good practice and will coordinate with the WB to provide needed technical support.
more
Pending
31-Dec-24
-
Introduction, tracking and reporting quarterly KPIs of tax compliance
Introduction, tracking and reporting quarterly KPIs of tax compliance.
more
Pending
31-Dec-24
-
Introduce a nationwide real property tax including a review of related fiscal transfers, requesting technical assistance as needed
Introduce a nationwide real property tax including a review of related fiscal transfers, requesting technical assistance as needed
more
Pending
31-Jan-25
-
Introduce a gift and inheritance tax with a tax-free allowance and minimal exemptions
Introduce a gift and inheritance tax with a tax-free allowance and minimal exemptions.
more
Pending
31-Jan-25
-
Remove CIT exemptions on exports of IT services
Remove CIT exemptions on exports of IT services.
more
Pending
30-Apr-25
-
Ensure the full repeal of the SVAT system by April 2025
Ensure the full repeal of the SVAT system by April 2025
more
Pending
30-Apr-25
-
Primary surplus to 2.3 percent of GDP by end 2025
Primary surplus to 2.3 percent of GDP by end 2025.
more
Pending
31-Dec-25
-
Publish direct costs of tax incentives granted via the SDP and BOI act
Start estimating and publishing the direct costs imposed by tax incentives granted under the Strategic Development Projects and Board of Investment Acts.
more
Unknown
31-Jan-24
-
Introduce automatic indexation of excises to inflation
Introduce automatic indexation of excises to inflation.
more
Unknown
31-Jan-24
-
Ensuring no ineligible beneficiaries receive Aswesuma
Starting from January 2024, no ineligible beneficiaries will receive Aswesuma cash transfers.
more
Unknown
31-Jan-24
-
Stock of expenditure in arreras at a maximum of LKR 0 by March 2024
Stock of expenditure in arreras at a maximum of LKR 0 by March 2024.
more
Unknown
31-Mar-24
-
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by March 2024
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by March 2024.
more
Unknown
31-Mar-24
-
Unknown
31-Mar-24
-
Cost of Non-Commercial Obligations for Fuel and Electricity (Net of Government Transfers) at LKR 0 Bn
Cost of Non-Commercial Obligations for Fuel and Electricity (Net of Government Transfers) at LKR 0 Bn.
more
Unknown
31-Mar-24
