SJB MP Harsha de Silva said the contents of the International Monetary Fund’s (IMF) Governance Diagnostic Assessment report has laid out a rigorous 16-point plan for Sri Lanka’s revival.

Speaking in yesterday’s Parliament session, the MP said that even if the second tranche is given to Sri Lanka, these recommendations will have to be implemented in order to carry forward the IMF programme.

He said that these recommendations will direct Sri Lanka on the right path. “This was the reason why I kept emphasizing from the beginning that we should go to the IMF,” he said.

The 16 IMF recommendations as disclosed by MP Dr. de Silva are as follows:        

1. Establishing an Advisory Committee by November 2023 to nominate commissioners for the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

2. Publishing asset declarations for senior officials by July 2024, an act that brings much-needed transparency, with only 12 out of 225 MPs having disclosed their assets.

3. Enacting Proceeds of Crime legislation by April 2024 to align with international standards, combating money laundering and illicit financial activities.

4. Amending the National Audit Act to hold officials accountable for the use of public resources.

5. Finalizing and implementing regulations for beneficial ownership information and creating a public registry by April 2024.

6. Enacting a Public Procurement Law by December 2024, addressing the alarming procurement and corruption issues.

7. Publishing reports on increasing competitive tendered procurement contracts, targeting agencies with low levels of competition.

8. Requiring the publication of all public procurement contracts above LK 1 billion and other critical financial information on a designated website.

9. Implementing the State-Owned Enterprise Reform Policy to ensure ethical management.

10. Abolishing or suspending the Strategic Development Projects Office Act until a transparent process for evaluating proposals is established.

11. Amending tax legislation to prevent unilateral tax changes without parliamentary approval.

12. Implementing short-term anti-corruption measures within revenue departments to enhance oversight and sanctions.

13. Exploring options for new management arrangements for the Employee Provident Fund to avoid conflicts of interest.

14. Revising legislation, regulations, and processes for stronger oversight in the banking sector.

15. Establishing an online digital land registry and ensuring progress in registering/titling-state land.

16. Expanding the resources and skills available to the Judicial Services Commission to strengthen justice.