TSX runs higher on rate cut expectations
Investing.com -- Sri Lanka plans to increase household electricity tariffs by 15% as part of efforts to secure the next payment from its $2.9 billion International Monetary Fund program.
The Public Utilities Commission of Sri Lanka announced Wednesday that the revised tariffs will take effect from midnight.
Industries will face a larger increase of 20.5% in their power costs, according to K.P.L. Chandralal, chairman of the regulatory body.
The tourism sector, which is a key foreign exchange earner for the island nation, will see power prices rise by 20.2%.
This tariff adjustment represents an important step in Sri Lanka’s ongoing efforts to meet the requirements for continued financial support from the IMF under its $2.9 billion assistance program.
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