Sri Lanka price hike after tax rises for IMF bailout

Sri Lanka
By Editor_1
Many people in Sri Lanka are struggling to afford food as prices rise -ISHARA S. KODIKARA/AFP

COLOMBO – Prices spiked more than 6% in Sri Lanka last month after it hiked taxes in line with International Monetary Fund (IMF) conditions to maintain a $2.9 billion bailout loan, official data showed Thursday (Feb 1).

The 6.4% reading was well up from the 4.0% seen in December, according to the Central Bank of Sri Lanka, though it is still less than a tenth of the levels seen at the height of the island’s financial crisis just over a year ago.

“Inflation accelerated in January 2024 mainly due to tax adjustments implemented at the beginning of the month and weather-related disruptions to food supply,” the bank said.

Food inflation in January rose to 3.3%, up from 0.3% in the previous month, as the levy on goods and services kicked in.

The government raised the value-added tax from 15 to 18% from  January while an exemption on a large number of goods and services was also removed, further fuelling prices.

The country is still emerging from its worst-ever economic crisis in 2022, which saw the government default on its $46 billion foreign debt and inflation peak at almost 70%.

The upheaval led to months of protests that eventually forced then-president Gotabaya Rajapaksa to step down in July of that year.

The IMF revived its $2.9 billion bailout for Sri Lanka in December after Colombo clinched a debt restructuring deal with China, its biggest official lender.

The IMF had wanted Sri Lanka to raise its revenue to stabilise the economy.

– Agence France-Presse

 

Editor_1
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