IMF First Review: Chamber Calls for Continued Reform Momentum

COLOMBO (News 1st);  The International Monetary Fund (IMF) has completed its first review of Sri Lanka's 48-month Extended Fund Facility (EFF) program, granting the island nation access to approximately US$337 million. 

However, the Ceylon Chamber of Commerce emphasizes the need to maintain reform momentum. 

Despite progress made, business sentiment remains subdued due to persistent challenges, and the Chamber highlights the need for economic growth to offset the impact of recent tax increases on inflation and purchasing power.

The Chamber advocates prioritizing sectors like tourism, ports and logistics, renewable energy, and exports. 

Additionally, the Chamber emphasizes the importance of digitalizing revenue authorities and government agencies, as well as introducing advanced technology in agriculture.

The Ceylon Chamber of Commerce said that these initiatives, aligned with the IMF's guidelines, are crucial for enhancing fiscal efficiency, transparency, and governance.