Sri Lankan President Ranil Wickremesinghe has set up a committee to oversee Sri Lanka’s use of a credit facility provided by the International Monetary Fund (IMF), state media reported on Sunday.
The committee includes Sagala Ratnayaka, the president’s chief of staff, Finance Minister Mahinda Siriwardana, Central Bank Governor Nandalal Weerasinghe and a panel of experts, according to the Sunday Observer.
The main responsibility of the committee is to regularly monitor the IMF process and to review tax policies, including changes in tax percentages and the possibility of increasing direct taxes while reducing indirect taxes. , Xinhua news agency reported.
In addition, the committee will ensure that the conditions of the IMF are effectively implemented, state media reported.
At the direction of the president, the committee will report to the cabinet once a month on key issues, including decrees such as anti-corruption laws.
The Chairman shall make recommendations on the activities of the committee and shall be approved by the cabinet in due time.
Sri Lanka entered into negotiations with an international lender in 2022 after a severe economic crisis.