A general view of the main port in Colombo, Sri Lanka June 29, 2023. REUTERS/Dinuka Liyanawatte/File photo
The steps follow comments by the International Monetary Fund, which blamed an expected shortfall in government revenue generation for its failure to reach a staff-level pact with Sri Lanka after a $2.9-billion bailout package in late September."It is imperative that historically high budget deficits must be reduced through better tax collection and improvement in tax administration ... to recover from the financial crisis.
"Loss-making state-run enterprises have also placed a massive burden on state banks," Siriwardana said."These multiple challenges can only be addressed by reducing the strain on the Treasury."
Source: Law Daily Report (lawdailyreport.net)