President Ranil Wickremesinghe has appointed a committee to oversee the use of the International Monetary Fund’s (IMF) credit facility.
The committee comprises President’s Chief of Staff Sagala Ratnayaka, Treasury Secretary Mahinda Siriwardena, Central Bank Governor Dr. Nandalal Weerasinghe and a group of intellectuals.
The President will make a recommendation to the Cabinet on how this committee will operate and Cabinet approval will be sought for the committee in the future.
The committee will monitor the IMF process on a regular basis, looking into tax policies, changes in tax percentages, and increasing direct taxes while decreasing indirect taxes.
The committee will also look into how the IMF’s conditions are being implemented. The President’s instructions also state that the committee should report to the Cabinet once a month on Ordinances such as the Anti-Corruption Act.