IMF commends fuel pricing formula

Colombo (News1st) -  The International Monetary Fund or the IMF says the automatic fuel pricing mechanism marks a major step toward completing the energy pricing reforms that are underway in Sri Lanka and minimising fiscal risks. The IMF Board is scheduled to discuss Sri Lanka's completion of its fourth review on June 1. The IMF says if implemented properly, the formula based pricing would eliminate fuel subsidies that benefit the rich rather than the poor.