Sri Lanka has implemented a new regulation charging a two million US dollar annual fee from fuel distributors. The Ministry of Energy is currently regulating the distributors, but a new regulator is expected to be established. President Ranil Wickremesinghe, who is also the Finance Minister, recently discussed the upcoming budget, which will be presented to parliament on November 13. The country aims to increase revenues to 12 percent of GDP in 2023 to meet IMF requirements and provide salary increments for state workers. Sri Lanka is also focusing on education reform by recruiting graduate teachers and teaching assistants to fill vacancies in Tamil language schools in the estate sector. The World Bank is providing support to help transform key sectors and promote growth. Additionally, Sri Lanka is working on restructuring bilateral and commercial debt to emerge from default and regain access to bilateral and capital market debt. The World Bank has already started providing budget support as part of the stabilization program linked to reforms. [ed4153f7]
Sri Lanka is charging a two million US dollar annual fee from fuel distributors Sinopec, R M Parks, and Lanka IOC. President Ranil Wickremesinghe had a final discussion with key officials on the budget, which aims to increase revenues and give a salary increment to state workers. The World Bank is supporting Sri Lanka's return to a growth path by helping transform key sectors with more concessional funds. The country is also working on restructuring bilateral and commercial debt to emerge from default and re-access bilateral and capital market debt. [ed4153f7]