Sri Lanka sharply jacks up sugar price after failing to meet IMF revenue target

Sri Lanka
By Editor_1
-EN

COLOMBO – Sri Lanka on Thursday (2) raised the Special Commodity Levy (SCL) on sugar to 50 rupees from 25 rupees effective immediately, a document signed by President Ranil Wickremesinghe in his capacity as the Finance Minister showed, after the government’s failure to meet state revenue targets agreed with the International Monetary Fund (IMF).

The IMF last month concluded a delayed staff level agreement with Sri Lankan authorities, but stated that the state revenue target had not been met.

The latest price hike comes after the state-run Ceylon Electricity Board raised electricity tariff by 18% including the fixed amounts for households last month before the state-owned oil retailer increased prices of most fuel products.

White sugar is sold at around 270 rupees and brown sugar at around 330 rupees in the retail market.

The government revenue is estimated to reach 15-20% less than the target when the IMF discussed with Sri Lankan authorities.

-economynext.com

Editor_1
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