Thursday, March 28, 2024
News

Sri Lankan President presents Interim Budget, says talks with IMF in final stage

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Colombo | August 30, 2022 7:29:02 PM IST
To provide relief to the Island nation amid the unprecedented economic crisis, Sri Lankan President Ranil Wickremesinghe on Tuesday presented the Interim Budget and said that the talks with International Monetary Fund is in final stage.

The budget is focused on increasing the government revenue. The Interim Budget is being presented to the Sri Lankan Parliament, in order to prepare the basic foundation for changing the economic trajectory of the country.

"We are now adopting the short-term measures. Negotiations with the International Monetary Fund (IMF) have successfully reached its final stage. Discussions on debt restructuring will be held with the main countries that provide loan assistance to our country." he said.

In presenting the Interim Budget, the President pointed out at the extent and depth of the economic crisis that the island nation is facing. "Due to these short-sighted economic practices, the country's progress has been hampered from time to time. Many of those setbacks occurred in the name of the citizens who also accepted those policies without any criticism," he said.

To solve this economic crisis, Wickremesinghe said that one of the basic tasks that the country needs is to extricate from the traditional political perspectives and impartially appraise the reality of the ground situation in the context of the global environment.

He noted that the crisis will not be solved by accusing one another, nor by faulting the past and can only be solved by adopting short- and long-term plans.

Wickremesinghe added, "the United Nations in collaboration with leading international organizations, is launching a programme to ensure food security. The process of providing daily needs like gas, electricity and fuel without a shortage has been initiated. Schools have opened, and the universities are commencing their academic activities."

The Sri Lankan President said that all of this reflects that we are on the correct course in the short term for recovery.

However, he highlighted that Sri Lanka cannot be complacent. "We should prepare a National Economic Policy for implementation continuously at least over a period of 25 years. As I mentioned at the beginning, this Interim Budget forms the basic foundation for the National Economic Policy, which is envisaged to be established through the 2023 Budget."

During his speech he mentioned that once the discussions with the IMF are concluded, he expects to provide the information on the same to the Parliament.

"Our fiscal stabilisation programme envisages government revenue increasing to around 15 percent of GDP by 2025 from the 8.2 percent of GDP as at end 2021. The government is targeting a primary surplus more than 2 percent of GDP in 2025 and expects to improve upon this level thereafter. We aim to reduce public sector debt from around 110 percent of GDP as at end 2021, to no more than 100 percent of GDP in the medium term."

"It is expected that inflation will be brought back under control to a mid-single digit level in the medium term. In line with this, interest rates are also expected to reach a moderate level gradually." (ANI)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE WORLD NEWS
'We encourage fair, transparent and time...
'Enforced disappearances continue to dev...
Baloch Human Rights activist highlights ...
Baloch community observe 'Black Day' on ...
'The crew is cooperating with what we ne...
Baltimore bridge collapse: Bodies of 2 v...
More...
 
INDIA WORLD ASIA
NET score allowed for admissions to PhD ...
'Don't have that kind of money to contes...
'Congress will win all 6 seats in by-ele...
'There is a huge wave for PM Modi in Tam...
Congress releases list of 16 candidate f...
Vijay Shivtare meets Maharashtra CM and ...
More...    
 
 Top Stories
"We want the nation corruption free... 
Grassroot programs very important f... 
"Discussed election strategy," says... 
BJP takes on Pinarayi Vijayan after... 
Philippines announces decisive meas... 
After 'Animal' Bobby Deol to play v... 
Bunny Corset High-end Corset Brand ... 
200 palestinian terrorists holed up...