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 31st August 2023
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 fiscal (revenue) measures for 2023
Cabinet approval of revenue measures to support fiscal consolidation during 2023, in line with program parameters.
more
Met
30-May-22
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Cabinet approval on fuel pricing formula
Cabinet approval to automate monthly retail fuel price adjustment as prescribed by the 2018 fuel pricing formula to achieve cost recovery.
more
Met
31-May-22
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Remove zero VAT on tourism services
Remove the zero-rating value added tax of tourism-related services.
more
Met
30-Jun-22
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Parliamentary approval on 2023 appropriation bill
Submission to Parliament of the 2023 Appropriation Bill that is in line with program parameters.
more
Met
31-Jul-22
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Parliamentary approval on 2022 revised budget
Parliament approval of a revised 2022 budget that is in line with program parameters.
more
Met
31-Aug-22
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Met
30-Sep-22
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Remove corporate income tax exemptions and increase standard rate to 30%
Remove all sector-specific exemptions and reduced corporate income tax (CIT) rates provided under the Inland Revenue Act, and increase the statutory CIT rate to 30%.
more
Met
31-Oct-22
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Introduce the Social Security Contribution Levy
Introduce a “Social Security Contribution” on liable turnover over Rs 120 million per year at the rate of 2.5%.
more
Met
31-Oct-22
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Reduce VAT threshold to LKR 80 million
Reduce the VAT registration threshold to Rs 80 million and apply the same threshold to the wholesale and retail sectors.
more
Met
31-Oct-22
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Cabinet approval on Banking (Special Provisions) Act
Cabinet approval of Banking (Special Provisions) Act to strengthen key elements of the CBSL’s crisis management powers.
more
Met
30-Nov-22
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Cabinet approval on new Central Bank Act
Cabinet approval of the new Central Bank Act with amendments from the bill submitted to Parliament in November 2019 in consultation with IMF staff.
more
Met
31-Dec-22
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Increase excise taxes on alcohol and tobacco by 20%
Increase excise taxes on alcohol and tobacco products by 20%.
more
Met
31-Jan-23
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Met
31-Jan-23
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Impose a non-final withholding tax on all payments except dividends
Reintroduce non-final withholding taxes on all payments other than dividends. Refrain from introducing a separate allowance for interest income.
more
Met
31-Jan-23
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Met
31-Jan-23
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Revise personal income tax structure
Introduce a progressive reform of the structure of the personal income tax (PIT) system. Set the tax-free allowance to Rs 1,200,000 per year, and raise the marginal PIT rate by 6% points for every Rs 500,000 per year up to a top rate of 36%.
more
Met
31-Jan-23
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Reintroduce mandatory withholding tax on employment income (APIT/PAYE)
Make withholding tax on employment income (APIT/PAYE) mandatory for all taxpayers exceeding the tax-free allowance of Rs 1,200,000 per year.
more
Met
31-Jan-23
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Impose a withholding tax of 5% on service payments
Impose withholding tax on service payments exceeding Rs 100,000 per month made to individuals such as professionals at the rate of 5%.
more
Met
31-Jan-23
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Remove the VAT exemption on condominium residential apartments
Remove the VAT exemption on condominium residential apartments.
more
Met
31-Jan-23
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Cabinet approval on cost-recovery electricity price
Cabinet approval to automate semi-annual cost-recovery based electricity price adjustment.
more
Met
31-Jan-23
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CCPI inflation between 55% and 49% by March 2023
Year-on-year inflation in Colombo Consumers Price Index between 55 - 49% percent by March 2023.
more
Source: http://www.statistics.gov.lk/InflationAndPrices/StaticalInformation/MonthlyCCPI/Movementsofthe_CCPI
Met
31-Mar-23
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Increase policy rates by 100 basis points
Increase policy interest rates by 100 basis points to ensure forward-looking real policy rates on a firmly upward path.
more
Met
31-Mar-23
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Hire independent firm to conduct banking sector diagnostic
Hiring by the CBSL of an independent firm to conduct banking sector diagnostic exercise based on Terms of Reference and timeline established in consultation with IMF staff.
more
Met
31-Mar-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-Mar-23
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Establish electricity prices that ensure at least full cost recovery
Adjust the end-user electricity tariff schedule to its cost-recovery level (overall across different types of final consumers) with semi-annual formula-based adjustments on a forward-looking basis in January and July each year (effective from January 1 and July 1, respectively); the CEB submits tariff revision requests to the Public Utility Commission of Sri Lanka by end-October (for January tariff revisions) and by end-April (for July tariff revisions); and compensate the electricity sector for providing any residual subsidies with on-budget transfers.
more
Met
31-Mar-23
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Primary deficit at least at 0.2 percent of GDP (-LKR 56 Bn) by March 2023
Primary deficit at least at 0.2 percent of GDP (-LKR 56 Bn) by March 2023.
moreThe Government overperformed the indicative target set under the IMF-EFF programme on the Government primary balance floor with a primary surplus of Rs. 48.3 billion over the set primary deficit target of Rs. 56 billion.
Source: https://www.treasury.gov.lk/api/file/5383e763-0603-43c1-9b89-6da48c62619a
Met
31-Mar-23
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Social spending to 0.1 percent of GDP by (LKR 35 Bn) March 2023
Social spending to 0.1 percent of GDP by (LKR 35 Bn) March 2023.
moreSocial spending for Samurdhi and other categorical expenditures of assistance to the elderly, allowances for disabled people and financial support for kidney patients increased nearly to Rs. 35 billion in the first quarter of 2023.
Source: https://www.treasury.gov.lk/api/file/5383e763-0603-43c1-9b89-6da48c62619a
Met
31-Mar-23
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Treasury guarantees to 5.6% of GDP (LKR 1,700 Bn) by March 2023
Treasury guarantees to 5.6% of GDP (LKR 1,700 Bn) by March 2023.
more
Met
31-Mar-23
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Stock of expenditure in arrears at a maximum of LKR 30 Bn by March 2023
Stock of expenditure in arrears at a maximum of LKR 30 Bn by March 2023.
moreExpenditure arrears for bills more than 3 months has become zero.
Source: https://www.treasury.gov.lk/api/file/5383e763-0603-43c1-9b89-6da48c62619a
Met
31-Mar-23
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Parliamentary approval on new Central Bank Act
Parliamentary approval of the new Central Bank Act prepared in consultation with IMF staff.
moreA bill was published on the 7th of March, however was only passed in parliament on the 20th of July.
Source: http://www.documents.gov.lk/files/bill/2023/3/302-2023_E.pdf
https://www.parliament.lk/news-en/view/3381
Met
30-Apr-23
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Increase betting and gaming levies
Increase the tax rates pertaining to the Betting and Gaming Levy in line with the May 30 tax proposal; Increase Annual Levy on gaming to LKR 500 Mn; Increase Annual Levy on betting carried through agents to LKR 5 Mn; Increase Annual Levy on betting carried using live telecasting to LKR 1 Mn; Increase Annual Levy on betting carried without live telecasting to LKR 75,000; Increase Levy on gross collection to 15%;
more
A bill was published on the 4th of April 2023, and the amendment was made into the act on the 21st of August 2023
Source: http://www.documents.gov.lk/files/act/2023/8/11-2023_E.pdf
Met
30-Apr-23
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Parliamentary approval on welfare benefit scheme
Parliamentary approval of the welfare benefit payment scheme and the application of the new eligibility criteria to identify low-income families for receiving welfare benefit payments.
more
Met
31-May-23
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Review the need to increase excise taxes on tobacco and alcohol
The second increase on excise taxes on alcohol and tobacco products is subject to a review.
more
Met
30-Jun-23
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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
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.
moreA bill was published on the 4th of April, however was only approved by parliament by the 19th of July.
Source: http://www.documents.gov.lk/files/bill/2023/4/319-2023_E.pdf
https://www.parliament.lk/news-en/view/3375
Met
30-Jun-23
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CCPI inflation between 34% and 28% by June 2023
Year-on-year inflation in Colombo Consumers Price Index between 34 - 28% by June 2023.
moreSource: http://www.statistics.gov.lk/InflationAndPrices/StaticalInformation/MonthlyCCPI/Movementsofthe_CCPI
Met
30-Jun-23
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Primary deficit to 0.4% of GDP (-LKR 113 Bn) by June 2023
Primary deficit to 0.4% of GDP (-LKR 113 Bn) by June 2023. Cabinet approval of revenue measures to support fiscal consolidation during 2023, in line with program parameters.
moreThe Government overperformed the target set under the IMF-EFF programme on the Government primary balance floor for the second quarter, with a primary surplus of Rs. 30.7 billion over the set primary deficit target of Rs. 113 billion.
Source: https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/statistics/wei/WEI_20230825_e.pdf
Met
30-Jun-23
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Treasury guarantees to 5.6% of GDP (LKR 1,700 Bn) by June 2023
Treasury guarantees to 5.6% of GDP (LKR 1,700 Bn) by June 2023.
more
Met
30-Jun-23
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Tax Revenue to 2.1 percent of GDP (LKR 650 Bn) by March 2023
Tax Revenue to 2.1 percent of GDP (LKR 650 Bn) by March 2023.
moreTotal government tax revenue was LKR 578 BN for the first quarter of 2023.
Source: https://www.treasury.gov.lk/api/file/5383e763-0603-43c1-9b89-6da48c62619a
Not Met
31-Mar-23
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Create an online fiscal transparency platform
An online transparency platform publishing on a semi-annual basis (i) all significant public procurement contracts, (ii) a list of all firms receiving tax exemptions through the Board of Investment, and (iii) a list of individuals and firms receiving tax exemptions on luxury vehicle imports.
moreThe online transparency platform has not been established. Two documents have, however, been uploaded to the treasury website, after 31st March. One with a list of all firms receiving tax exemptions through the Board of Investment, and the other with a list of individuals and firms receiving tax exemptions on luxury vehicle imports. Further a procurement related website has been launched which by 30 April listed out the quantity purchased and amount paid for 7 procurement actions of the Ministry of Health. No draft procurement contracts have been published.
Source: https://www.treasury.gov.lk/web/publications https://www.treasury.gov.lk/api/file/f2d9b05e-bc9d-4c24-a234-2e631dfc5169 https://www.treasury.gov.lk/api/file/8cebada0-8c18-4c77-b2b9-7a3617a6e456 https://promise.lk
Not Met
31-Mar-23
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Complete asset quality review of selected banks
Completion of the asset quality review component of bank diagnostic exercise for the two largest state-owned banks and the three largest private sector banks.
more
Not Met
30-Apr-23
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Cabinet approval on restructuring plan for key SOEs
Cabinet approval of a comprehensive strategy (laying out clear timelines and modalities) to restructure the balance sheets of the CEB, CPC, SriLankan Airlines, and the Road Development Authority, in consultation with IMF staff.
more
Not Met
30-Jun-23
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Tax Revenue to 4.3% of GDP (LKR 1,300 Bn) by June 2023
Tax Revenue to 4.3% of GDP (LKR 1,300 Bn) by June 2023.
moreThe Government underperformed the target set under the IMF-EFF programme on the Government tax revenue for the second quarter, with actual tax revenue amounting to Rs. 1,198.9 billion.
Source: https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/statistics/wei/WEI_20230825_e.pdf
Not Met
30-Jun-23
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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.
moreOnly 11 out of the 52 key SOEs have published annual reports until 2022.
Source: https://www.publicfinance.lk/en/topics/only-11-out-of-52-soes-have-published-financial-data-up-to-2022-1689251407
Not Met
30-Jun-23
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Prepare a plan to phase out import restrictions during the period of the programme
Prepare a plan to phase out import restrictions during the period of the programme.
more
Not Met
30-Jun-23
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Cabinet approval on fiscal (revenue) measures for 2024
Cabinet approval of revenue measures to support fiscal consolidation during 2024, in line with program parameters.
more
Not Met
31-Jul-23
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CCPI inflation between 20% and 14% by September 2023
Year-on-year inflation in Colombo Consumers Price Index between 20 and 14% by September 2023.
more
Pending
30-Sep-23
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Net official international reserves at -$2,068 Mn by September 2023
Net official international reserves at -$2,068 Mn by September 2023.
more
Pending
30-Sep-23
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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
Pending
30-Sep-23
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Publish governance diagnostic report
Publication of the report of an IMF-led governance diagnostic technical assistance mission to assess Sri Lanka's anti-corruption framework.
more
Pending
30-Sep-23
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Primary deficit to 0.5% of GDP (-LKR 160 Bn) by September 2023
Primary deficit to 0.5% of GDP (-LKR 160 Bn) by September 2023
more
Pending
30-Sep-23
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Social spending to 0.4% of GDP (LKR 120 Bn) by September 2023
Social spending to 0.4% of GDP (LKR 120 Bn) by September 2023.
more
Pending
30-Sep-23
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Tax Revenue to 6.9% of GDP (LKR 2,100 Bn) by September 2023
Tax Revenue to 6.9% of GDP (LKR 2,100 Bn) by September 2023.
more
Pending
30-Sep-23
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Treasury guarantees to 5.6% of GDP (LKR 1,700 Bn) by September 2023
Treasury guarantees to 5.6% of GDP (LKR 1,700 Bn) by September 2023
more
Pending
30-Sep-23
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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-Sep-23
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Net credit to the government by the CBSL at a maximum of LKR 2,840 Bn by September 2023
Net credit to the government by the CBSL at a maximum of LKR 2,840 Bn by September 2023
more
Pending
30-Sep-23
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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
Pending
30-Sep-23
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Stock of expenditure in arrears at a maximum of LKR 0 by September 2023
Stock of expenditure in arrears at a maximum of LKR 0 by September 2023
more
Pending
30-Sep-23
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New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by September 2023
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by September 2023
more
Pending
30-Sep-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
Pending
30-Sep-23
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Determine the need and terms on recapitalization for selected banks
Determination by the MOF of the size, timing, instruments, and terms and conditions for potential government recapitalization of viable banks which are unable to close capital shortfalls from private sources.
more
Pending
31-Oct-23
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Submission of the 2024 appropriation bill to parliament
Submission to Parliament for the first reading of the 2024 Appropriation Bill that is in line with program parameters.
more
Pending
31-Oct-23
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CCPI inflation between 18% and 12% by December 2023
Year-on-year inflation in Colombo Consumers Price Index between 18 -12 % by December 2023.
more
Pending
31-Dec-23
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Net official international reserves at -$1,592 Mn by December 2023
Net official international reserves at -$1,592 Mn by December 2023
more
Pending
31-Dec-23
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Parliamentary approval on Banking Act
Parliament approval of a full revision of the Banking Act in consultation with IMF staff.
more
Pending
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
Pending
31-Dec-23
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Submission of the PFM law to parliament
Submission to Parliament of a new Public Finance management law, in consultation with IMF staff, that will authorize the budget formulation process, roles and responsibilities of relevant agencies, and information and accountability requirements.
more
Pending
31-Dec-23
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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
Pending
31-Dec-23
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Primary deficit to 0.7% of GDP (-LKR 209 Bn) by December 2023
Primary deficit to 0.7% of GDP (-LKR 209 Bn) by December 2023.
more
Pending
31-Dec-23
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Social spending to 0.6% of GDP (LKR 187 Bn) by December 2023
Social spending to 0.6% of GDP (LKR 187 Bn) by December 2023.
more
Pending
31-Dec-23
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Tax Revenue to 9.7% of GDP (LKR 2,940 Bn) by December 2023
Tax Revenue to 9.7% of GDP (LKR 2,940 Bn) by December 2023.
more
Pending
31-Dec-23
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Treasury guarantees to 5.6% of GDP (LKR 1,700 Bn) by December 2023
Treasury guarantees to 5.6% of GDP (LKR 1,700 Bn) by December 2023.
more
Pending
31-Dec-23
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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
31-Dec-23
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Net credit to the government by the CBSL at a maximum of LKR 2,740 Bn by December 2023
Net credit to the government by the CBSL at a maximum of LKR 2,740 Bn by December 2023
more
Pending
31-Dec-23
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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
Pending
31-Dec-23
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Stock of expenditure in arrears at a maximum of LKR 0 by December 2023
Stock of expenditure in arrears at a maximum of LKR 0 by December 2023
more
Pending
31-Dec-23
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New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by December 2023
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by December 2023
more
Pending
31-Dec-23
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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
Pending
31-Jan-24
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Introduce automatic indexation of excises to inflation
Introduce automatic indexation of excises to inflation.
more
Pending
31-Jan-24
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Abolish major exemptions in VAT
Revamp the VAT system by abolishing the vast majority of exemptions.
more
Pending
31-Jan-24
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Abolish SVAT and improve speed on VAT refunds
Take measures to significantly speed up valid VAT refunds and abolish the SVAT system.
more
Pending
31-Jan-24
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Ensuring no ineligible beneficiaries receive Samurdhi
Starting from January 2024, no ineligible beneficiaries will receive Samurdhi cash transfers.
more
Pending
31-Jan-24
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Draft legislation on assets recovery in compliance with the UNCAC
Comprehensive asset recovery provisions in compliance with the United Nations Convention against Corruption (UNCAC) standard are expected to be developed in consultation with IMF staff and incorporated into a separate draft legislation pertaining to Proceeds of Crime.
more
Pending
31-Mar-24
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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
31-Dec-24
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Establish the debt management agency
Complete the establishment of the public debt management agency (PDMA)
more
Pending
31-Dec-24
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Introduce nationwide property tax
Introduce a nationwide real property tax including a review of related fiscal transfers, requesting technical assistance as needed.
more
Pending
31-Jan-25
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Introduce a gift and inheritance tax
Introduce a gift and inheritance tax with a tax-free allowance and minimal exemptions.
more
Pending
31-Jan-25
-
Pending
31-Dec-25
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Net official international reserves at -$3,188 Mn by March 2023
Net official international reserves atleast at -$3,188 Mn by March 2023
more
Unknown
31-Mar-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
Unknown
31-Mar-23
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Net credit to the government by the CBSL at a maximum of LKR 2,890 Bn by March 2023
Net credit to the government by the CBSL at a maximum of LKR 2,890 Bn by March 2023
more
Unknown
31-Mar-23
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New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by March 2023
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by March 2023
more
Unknown
31-Mar-23
-
Net official international reserves at -$2,830 Mn by June 2023
Net official international reserves at -$2,830 Mn by June 2023.
more
Unknown
30-Jun-23
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Social spending to 0.2% of GDP (LKR 70 Bn) by June 2023
Social spending to 0.2% of GDP (LKR 70 Bn) by June 2023.
more
Unknown
30-Jun-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
Unknown
30-Jun-23
-
Net credit to the government by the CBSL at a maximum of LKR 2,890 Bn by June 2023
Net credit to the government by the CBSL at a maximum of LKR 2,890 Bn by June 2023
more
Unknown
30-Jun-23
-
Stock of expenditure in arrears at a maximum of LKR 0 by June 2023
Stock of expenditure in arrears at a maximum of LKR 0 by June 2023
more
Unknown
30-Jun-23
-
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by June 2023
New external payment arrears by the nonfinancial public sector and the CBSL at LKR 0 by June 2023
more
Unknown
30-Jun-23
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Develop a roadmap to strengthen the banking system
Development by the CBSL of a roadmap for addressing banking system capital and FX liquidity shortfalls and intervening in banks assessed to be non-viable.
more
Unknown
31-Jul-23
