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IMF Senior Mission Chief: Sri Lanka’s Economic Recovery in Early Stages; Property Tax Key for Advancement

Peter Breuer, the Senior Mission Chief of the International Monetary Fund (IMF) to Sri Lanka, has emphasized that while the country’s macro economy is gradually stabilizing, the economic recovery process is still at an early stage and has not yet reached the broader population.

Mr. Breuer conveyed that Sri Lanka’s economic recovery is in its ‘infancy level,’ underlining the need for continued efforts to extend the benefits of stabilization to a wider demographic. He further expressed the belief that implementing a property tax could serve as a catalyst, propelling Sri Lanka to achieve the goals outlined in the IMF program.

A delegation from the IMF, consisting of officials, commenced discussions in Sri Lanka on January 11 for a one-week period. The focus of their visit was to assess the economic reforms implemented in the country, following the approval of the first review under the Extended Fund Facility (EFF) arrangement for Sri Lanka.

In a meeting with President Ranil Wickremesinghe, the IMF delegation acknowledged and congratulated the country on successfully completing the first review under the program. They commended the positive trajectory of the program and recognized the challenging reforms undertaken by Sri Lanka, highlighting their substantial impact on the domestic population.

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