IMF welcomes fuel pricing mechanism

Saturday, 19 May 2018 00:16 - - {{hitsCtrl.values.hits}}

Washington, DC: The International Monetary Fund (IMF) says Sri Lanka’s automatic fuel pricing mechanism marks a major step toward completing the energy pricing reforms and would benefit the country and the economy.

Responding to a question at the regular press briefing of IMF on Thursday (17 May), Communications Department Director Gerry Rice said IMF thinks that the “automatic fuel pricing mechanism marks a major step towards completing the energy pricing reforms that are underway in Sri Lanka, and minimises the fiscal risks”.

He said that, if implemented properly, the formula-based pricing would eliminate fuel subsidies that benefit the rich rather than the poor. “So, we think it would benefit Sri Lanka and the economy.”

Rice added that the IMF board is scheduled to discuss Sri Lanka’s completion of its fourth review on 1 June.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.