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IMF director to visit Sri Lanka

The managing director of the International Monetary Fund (IMF) Christine Lagarde is set to visit Sri Lanka next month, EconomyNext reported. 

Sri Lanka missed benchmarks set out by the IMF for December 2016, including benchmarks for introducing a formula to price fuel, as well as automatic market pricing of electricity.

In November the IMF announced it had completed its first review of the Extended Fund Facility granted to Sri Lanka, and would approve US $162.6 million disbursement. 

The three year program was approved in June, allowing US $1.45 billion.

"The government’s reform program, supported by the IMF, aims to reduce the fiscal deficit, rebuild foreign exchange reserves, and introduce a simpler, more equitable tax system to restore macroeconomic stability and promote inclusive growth," the IMF said in a statement in November. 

"Going forward, there is a need to strengthen the supervisory and regulatory framework, and identify and mitigate vulnerabilities in the financial sector, particularly with regard to non-banks and state-owned banks," acting chair and deputy managing director, Tao Zhang said.