WEB DESK
The Report of the IMF Extended Fund Facility to Sri Lanka was tabled in parliament today, March 22, by President Ranil Wickremesinghe. Addressing the Parliament, Mr. Wickremesinghe said the IMF Facility is a step towards building a better future for the youth & uplifting the country. The credit facility amounts to about 3 billion dollars over 4 years, as the island is soon to receive the first tranche of 333 million dollars. The president said Sri Lanka is expecting about 7 billion dollars more in credit support from other institutions.
Mr. Wickremesinghe told the Parliament that the IMF funding will restore Sri Lanka’s international recognition and ensure the country is not bankrupt while help banks regain international recognition. He added that this will create opportunities for low-interest credit, restore foreign investors’ confidence, and lay the foundation for a strong new economy. The President extended his gratitude to the people of Sri Lanka to have remained patient during the crisis while facing numerous hardships.
Mr. Wickremasinghe spoke about the road to recovery for the island nation and mentioned the planned economic reforms in addition to those already implemented. He said the government aims to reduce the primary deficit to 2.3 percent of GDP by 2025 and increase revenue to 14 percent of GDP by 2026. At the same time, listed measures through which the government plans to increase revenue such as reducing tax exemptions and introduction of Estate Duty. The President also mentioned steps to increase transparency and counter corruption.