IMF says Sri Lanka needs to boost reforms and collect more taxes for its bailout funding package

COLOMBO, Sri Lanka (AP) — The International Monetary Fund says that Sri Lanka has so far failed to make enough progress in boosting tax collection and other economic reforms sought by the IMF. The progress is needed in order for the IMF to release a second tranche of $330 million in the country’s $2.9 billion bailout from bankruptcy. An IMF team led by Peter Breuer and Katsiaryna Svirydzenka has concluded a visit to the island this week. The organization says in a report that discussions would continue on an agreement on how to keep up the momentum of financial reforms, and to unlock the second installment of funding.