COLOMBO : Sri Lanka's recent tax rises are in line with international comparisons and needed to help creditors regain confidence, the International Monetary Fund said on Thursday, backing the crisis-hit country's effort to lock down a $2.9 billion bailout. An IMF statement said the hikes, which included a
COLOMBO : Sri Lanka's recent tax rises are in line with international comparisons and needed to help creditors regain confidence, the International Monetary Fund said on Thursday, backing the crisis-hit country's effort to lock down a $2.9 billion bailout.
External financing would not bridge the gap needed to fund essential expenditure, the statement added. The South Asian island country is grappling with its worst economic crisis since gaining independence from Britain in 1948, beset by inflation above 50 per cent, a shortage of foreign exchange, a plummeting currency and a steep recession.
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