Electricity tariffs will rise by threefold in December – Vajira

Electricity tariffs will increase by threefold in December, warns the Chairman of the United National Party (UNP), former Minister Vajira Abeywardana.

The former Minister made this claim while addressing a political event held in Galle. 

Former Minister Vajira Abeywardana also stated that according to his understanding of the economy, the country will collapse by November or December. 

However, he said despite not having a Parliament seat, he is prepared to come forward to safeguard the nation, when needed. 

Meanwhile, on Friday (25 April), it was announced that the International Monetary Fund (IMF) and Sri Lankan authorities reached staff-level agreement on economic policies to conclude the Fourth Review of Sri Lanka’s reform program supported by the IMF’s Extended Fund Facility. 

Once the review is approved by the IMF Executive Board, Sri Lanka will have access to about US$344 million in financing.

A statement issued by the IMF following the meeting stated that the staff-level agreement is subject to IMF Executive Board approval, contingent on the implementation of prior actions relating to restoring electricity cost-recovery pricing and ensuring proper function of the automatic electricity price adjustment mechanism.