Addressing the regular press briefing of IMF on Thursday (17), Gerry Rice. Director, Communications Department said that “If implemented properly, the formula based pricing would eliminate fuel subsidies that benefit the rich rather than the poor” in Sri Lanka taking a question raised on the country’s fuel pricing mechanism. He said that IMF thinks that it would benefit Sri Lanka and the economy.

According to him IMF thinks that automatic fuel pricing mechanism marks a major step toward completing the energy pricing reforms that are underway in Sri Lanka, and minimizes the fiscal risks.

“And I can tell you our Board is scheduled to discuss Sri Lanka's completion of its fourth review on June 1.” He added.

He answered the question raised on Sri Lanka followed by a question raised on gas prices in Ukrain and said that IMF also believes that it's important to let the gas prices be determined by the market in line with the reforms that were implemented in 2016.