The International Monetary Fund (IMF) will give Sri Lanka it’s third tranche of $164.1 million in June this year, foreign media reported.

It quoted Finance Minister Ravi Karunanayake as saying there was a two-month delay in receiving the $164.1 million loan tranche from the fund, as the IMF has repeatedly urged Sri Lanka to boost tax revenue through modernisation of its tax system and simplification of tax structure.

It said a new act has proposed an efficient, transparent and broad-based tax system.

It also quoted an IMF spokesperson said the organisation was working closely with Sri Lanka to complete its assessment on the island nation’s progress from November to April before giving the third tranche.