Foreign reserves rise to $3.5 billion

(LANKAPUVATH | COLOMBO) –  State Minister of Finance Shehan Semasinghesays that Sri Lanka, which was considered as a bankrupt country due to indebtedness and inefficiency, is now being set as an example for the international community as a rising country by quickly solving the economic crisis. The minister points out that the reason for this was working with strict financial discipline with specific goals.

The minister said this while participating in a program held at the Presidential Secretariat (14) to inform trade union representatives about local debt optimization. The minister emphasized that the government is ready to accept effective ideas to deal with the proposals of the International Monetary Fund. He pointed out that it is regrettable that the opposition, which did not enter the platforms provided by the Paris Club and other groups to present proposals, only protested. Pointing out that the Cabinet is ready to consider proposals submitted by even the opposition groups whenever necessary, State Minister Semasinghe said that it is possible to submit relevant proposals even to the resident representative of the International Monetary Fund.

Emphasizing that the conditions have not been presented by the International Monetary Fund, the minister pointed out that they are fulfilling the responsibility of making the transaction between the other creditor countries and Sri Lanka is more credible. The Minister who said that the International Monetary Fund’s intervention in a country’s economic crisis will provide a high level of assurance to the other parties, pointed out that after 2027, Sri Lanka will not need the International Monetary Fund’s support again.

Stating that the baseless statements presented by some parties about local debt optimization has been rejected today, the minister said that especially pension funds including the Employees’ Provident Fund and the Employees’ Trust Fund will not be affected with this local debt optimization.

The minister emphasized that Sri Lanka’s foreign reserves have increased to 3.5 billion US dollars and inflation will come down to 7%-8% by next month.

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