Govt. confidence economy will stabilise by year’s end - State Minister of Finance | Daily News

Govt. confidence economy will stabilise by year’s end - State Minister of Finance

The Government is confident that Sri Lanka would be able to stabilise the economy and boost growth by December this year with the assistance of the International Monetary Fund (IMF), said State Minister of Finance Shehan Semasinghe in Parliament on Thursday.

Aiming to rebuild Sri Lanka’s economy affected by the COVID-19 pandemic, the Government has taken various decisions.

The decision to seek IMF assistance is the most appropriate decision taken by the Government.

Rs. 35 billion is expected as revenue through social service contributions and these funds will be used to uplift the living standards of the underprivileged families in the country

The Interim Budget presented by President Ranil Wickremesinghe has allocated more than 3.7 percent from the GDP for social welfare. The Government has not slashed any expense on welfare.

He further added that the certain Government entities such as the Bank of Ceylon, People’s Bank, National Savings Bank and Insurance Corporation have earned some profits this year.

 

The Petroleum Corporation has incurred a loss of Rs. 640,135 million while SriLankan Airlines has incurred a loss of Rs.248,441 million during the first six months of the year. “Therefore, the Government has to maintain these loss making institutions,” the State Minister said.


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