Masahiro Nozaki: Latest News

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Masahiro Nozaki - Peter Breuer - Anti-Corruption & Governance reforms are critical – IMF - newsfirst.lk - Sri Lanka
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Anti-Corruption & Governance reforms are critical – IMF
COLOMBO (News 1st); The International Monetary Fund has emphasized the importance of anti-corruption and governance reforms as a central pillar of the EFF-supported program as they are indispensable to ensure the hard-won gains from the reforms benefit the Sri Lankan people.In a statement issued ahead of the IMF press briefing on Tuesday (21) morning, Peter Breuer, Senior Mission Chief for Sri Lanka & Masahiro Nozaki, Mission Chief for Sri Lanka noted that Sri Lankan authorities have committed to fundamentally improve public financial management and strengthen the anti-corruption legal framework in line with the United Nations Convention against Corruption.The reform program supported under the EFF arrangement is built on strong policy measures and prioritizes:(i) an ambitious revenue-based fiscal consolidation, accompanied by stronger social safety nets, fiscal institutional reforms, and cost-recovery based energy pricing to ensure the state’s ability to support all its essential expenditures;(ii) restoration of public debt sustainability, including through a debt restructuring to ensure stable financing of the government’s operations;(iii) a multi-pronged strategy to restore price stability and rebuild reserves under greater exchange rate flexibility in order to alleviate the burden of inflation, particularly on the poor, to foster an environment of investment and growth, and to ensure Sri Lanka's ability to purchase essential goods from abroad;(iv) policies to safeguard financial sector stability to ensure that the financial sector can play its key role in supporting economic growth; and(v) structural reforms to address corruption vulnerabilities and enhance growth. It is now essential to continue the reform momentum
Masahiro Nozaki - Peter Breuer - Sri Lanka’s proposed tax rates are in line with international comparison – IMF - newsfirst.lk - Sri Lanka
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Sri Lanka’s proposed tax rates are in line with international comparison – IMF
COLOMBO (News 1st); The International Monetary Fund Mission in Sri Lanka says that efforts to increase tax revenues should be pursued in a growth-friendly manner while protecting the poor and most vulnerable. Peter Breuer, Senior Mission Chief for Sri Lanka, and Masahiro Nozaki, Mission Chief for Sri Lanka noted that it is however also important that those who can most afford it, make commensurate contributions to the financing of the necessary government expenditures. The tax package the authorities have introduced, including the new tax rate schedule for the personal income tax, helps to meet these objectives, the statement added.Peter Breuer, Senior Mission Chief for Sri Lanka, and Masahiro Nozaki, Mission Chief for Sri Lanka, also noted that the tax rates proposed under the authorities’ program are also in line with international comparison.In response to recent media questions around income tax hikes in Sri Lanka, the statement noted that Tax reforms are needed to correct this imbalance. "Only with appropriate tax receipts will the Government will be able to fund essential expenditures, and avoid further slashing of critically important outlays. These reforms will also help regain confidence of creditors," it added."The current economic crisis has a number of origins, including the government’s inability to meet government spending needs through its revenue collections.
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