Former President Ranil Wickremesinghe has warned that the International Monetary Fund (IMF) could withdraw from Sri Lanka because, as reported in the Sathi Aga Aruna newspaper, the government failed to implement the proposed electricity tariff revisions by the March 31 deadline.
Wickremesinghe highlighted that the delay in implementing the IMF’s recommendations could further postpone the release of the fifth tranche of the Extended Credit Facility, amounting to USD 344 million, which was expected in the first two weeks of April. He stated that the absence of the revised electricity tariffs would delay the IMF Executive Board’s approval of the funds.
Furthermore, he cautioned that this situation jeopardizes the allocation of funds by the World Bank and the Asian Development Bank for development projects in the country.
However, Deputy Minister of Economic Development Dr. Anil Jayantha Fernando, speaking at a press conference at the Government Information Department, stated that the IMF has been informed that the issues related to electricity tariffs will be resolved and progress will be made by June.
