Colombo: The International Monetary Fund (IMF) has compiled a list of demands before granting a bailout package to Sri Lanka, the worst financial crisis in history.
According to the foreign news agency, the IMF has issued a statement at the end of the last ten days of talks with the Sri Lankan government, in which the International Monetary Fund has asked the Sri Lankan government to reduce corruption in the country, taxes. I have demanded an increase in fuel and an end to fuel subsidies.
The IMF says Sri Lankan officials have made significant progress in formulating an economic reform program, but more needs to be done.
The financial institution says Sri Lanka has withdrawn tax cuts and reduced energy subsidies, while fuel prices have risen by 400 per cent this year, but they need to fix the fiscal deficit. There is an urgent need for far-reaching tax reform.
Talks on a bailout package will continue with Sri Lankan officials.
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Given that Sri Lanka is in talks with the IMF for a ارب 6 billion bailout package, Sri Lanka needs at least ارب 6 billion in the coming months to stabilize its finances.
Keep in mind that Sri Lanka currently has a severe shortage of dollars, due to which Indians are unable to buy essential goods, including fuel, food and medicine, from abroad.
