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Sri Lanka jacks up sugar price sharply after failing to meet IMF revenue target

Sri Lanka has increased the special commodity levy (SCL) on sugar from 0.25 rupees to 50 rupees as of November 2, as per a government document signed by President Ranil Wickremesinghe in his capacity as Finance Minister. This move comes after the government failed to meet state revenue targets agreed upon with the International Monetary Fund (IMF). Despite the IMF's recent staff level agreement with Sri Lankan authorities, the state revenue target wasn't achieved, delaying the disbursement of the second tranche of a $3 billion IMF loan. The government's revenue is projected to fall 15-20% short of the target discussed with the IMF.

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