The International Monetary Fund says economic conditions have shown remarkable progress with low inflation, which is expected to remain in single digits for the year, strong external balances, a high rate of remittance inflows, comfortable levels of gross reserves and rapidly improving tourism prospects. In a comprehensive report on the 2.6 billion US Dollar stand-by-arrangement to Sri Lanka, the IMF said Sri Lanka’s overall economic conditions are improving as expected, and the economy is likely to show strong growth this year. The report noted that the immediate risk of a balance of payments crisis has receded and much progress has been made in rebuilding reserves and advancing financial sector reform. IMF pointed out that the government needs to take further steps to put in place legislative changes to permanently reform tax concessions and to simplify and broaden the bases for the VAT and income taxes, it suggested.
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