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IMF tells bankrupt Sri Lanka to tackle corruption, raise taxes

Christian Fernsby |
Sri Lanka should stamp out corruption and substantially raise taxes to rescue its economy, the International Monetary Fund said after bailout talks with the bankrupt island nation.

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Representatives from the global lender of last resort have concluded a 10-day visit to the capital Colombo to map out a resolution to Sri Lanka’s unprecedented economic crisis.

But the IMF said more work was needed to set the nation’s finances right and repair its runaway fiscal deficit before a deal could be struck on a funding arrangement to address its balance of payments crisis.

“Given the low level of revenues, far-reaching tax reforms are urgently needed,” the lender said in a statement.

Sri Lanka needed to “reduce corruption vulnerabilities”, contain spiraling inflation and bring an end to costly energy subsidies that had long been a drain on the government budget without hurting more vulnerable citizens, the statement added.

“The authorities have made considerable progress in formulating their economic reform program and we are looking forward to continuing the dialogue with them,” it said.


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