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County has stabilized under IMF deal, sustainable growth next: President
ECONOMYNEXT –Sri Lanka has seen good results under the International Monetary Fund program, but the country has to complete debt restructuring and continue on a reform path to ensure strong growth, President Ranil Wickremesinghe said.
“A lot of good results (sadaneeya prathilaba resak) are coming from the IMF programme,” President Wickremesinghe said. “An appreciating rupee has brought down prices of imported goods, including milk powder and gas. The falling interest rates are benefiting businesses.”
“Going beyond stability now we have to get on a sustainably path.”
“We are not paying all debt now, we have to start paying. For that we need to increase state revenues and our foreign reserves. We have to optimise our resources.”
“We have to do debt restructuring. We are drafting MoUs with official creditors including the Paris Club, the Official Creditors Committee (OCC), and China Exim Bank separately.
“Bond holders and Lazard are joining these discussions. We hope to finish by the middle of this year.” France-based Lazard as financial advisor and Clifford Chance LLP as legal advisor are supporting the country on debt restructuring.
The point of the debt restructuring was to reduce the country’s loan payments to 95 percent of the gross domestic product, from 125 percent, maintain the government’s gross financial requirement at 13 percent annually and ensure foreign debt servicing remains below 4.5 percent annually, President Wickremesinghe said. “We have to work towards this. If we meet these goals we won’t fall back into disaster.”
President Wickremesinghe said Sri Lanka needed to pay back its loans, and get new loans. “Then we have to boost exports and modernize agriculture.”
President Wickremesinghe said the government cannot give a salary increase to state workers this year although many had requested it. “In the past by being irresponsible in this regard we destroyed our economy and people’s livelihoods. We can consider an increment only next year, that is the truth. If we exit this path, we will head back into disaster.”
The Cabinet of Ministers has approved the resolution furnished by the Minister of Industries and Entrepreneurship Development to recognize the “Sri Lanka National Export
Development Plan – 2026–2030” as the official strategic framework for export development and promotion of exports in Sri Lanka.
The Sri Lanka Export Development Board, in collaboration with public and private sector stakeholders connected to the export sector, has formulated the National Export Development Plan 2026–2030 by obtaining technical assistance under the Policy-Based Lending Programme of the Asian Development Bank.
The aforementioned Plan provides a comprehensive strategic framework to guide and monitor Sri Lanka’s export development process, with the target of earning US$ 36 billion in foreign exchange through the export of goods and services by the year 2030
The Cabinet of Ministers has approved the resolution furnished by the Minister of Women and Child Affairs to accept the Global Charter for Children’s Care Reform for Sri Lanka.
Approval has been granted by the Cabinet of Ministers on several earlier occasions to amend the Consumer Affairs Authority Act No. 9 of 2003.
In accordance with the approval granted at the Cabinet
meeting held on 2023-05-02, the Legal Draftsman is currently in the process of preparing the relevant amended Bill, and the Legal Draftsman has informed that it would be appropriate to obtain policy approval from the present Cabinet of Ministers for that purpose.
Accordingly, taking into consideration the necessity of restructuring the Consumer Affairs Authority too, the Cabinet of Ministers has approved the resolution furnished by the Minister of Trade, Commerce, Food Security and Cooperative
Development to instruct the Legal Draftsman to expeditiously complete the preparation of the relevant Bill to enable the amendment of the Consumer Affairs Authority Act, No. 9 of 2003.
Cabinet approves recognition of ‘Sri Lanka National Export Development Plan – 2026–2030’
Cabinet nod to accept the Global Charter for Children’s Care Reform for Sri Lanka
Cabinet grants policy approval to amend the Consumer Affairs Authority Act, No. 9 of 2003
Cabinet approal for Legal Draftsman to prepare a Bill to enable the amendment of Finance Business Act, No. 42 of 2011
M.S. Mahadiulwewa appointed act in the post of Director General of Commerce
Wimal S.K. Liyanagama appointed Director General of Customs
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