Sri Lanka, June 14 -- The International Monetary Fund (IMF) yesterday said that Sri Lanka has made commendable progress in implementing some very difficult but much-needed reforms and effects of them are really starting to bear fruit.

IMF Communications Director Julie Kozack said that the IMF team is very closely engaged with Sri Lankan authorities to assess the measures that were recently announced by Public Utilities Commission of Sri Lanka.

"These measures include a 15 percent increase in electricity tariffs and the publication of a revised bulk supply transaction account guidelines for this. So, these were two prior actions," the IMF Communications Director said.

Speaking at a press conference held at IMF headquarters in Washington...