Government was able to bring down the inflation lower than IMF expected – Shehan Semasinghe

(LANKAPUVATH | COLOMBO) –  State Minister of Finance Shehan Semasinghe states that by ending the economic crisis in the country, the government was able to bring the inflation down very low beyond the limits expected by the International Monetary Fund (IMF).

He said that despite the pressure on the people in the short term, the government managed to achieve this stability in view of the reforms carried out in this country.

The Minister of State further said that under the financial management of the Central Bank high inflation in the country was brought down to a very low value before the period expected by the International Monetary Fund.

Minister Semasinghe made these observations while joining a series of seminars to inform the people about the progress of the government’s new tax policy, the IMF program and the state revenue and economic stabilization program.

The fifth phase of this island-wide awareness program was held today in Anuradhapura.

The State Minister said that due to the economic reforms carried out by the government, the state income has increased and since it is unfair to the people who pay taxes, they are working to expand the tax paying network by strengthening digitalization.

The Minister said that there are about four hundred state enterprises in Sri Lanka and the government will restructure those government institutions and consolidate the non-profitable part and the government will not interfere in starting new state enterprises.

The State Minister also said that he will work together with the Asian Development Bank to provide the necessary financial facilities to strengthen the small and medium enterprises in Sri Lanka.

The Minister of State also pointed out that although certain groups in the Parliament and outside expressed their views on political platforms, no party has been able to provide an acceptable program to secure the present and the future.

The minister also expressed his views on the Aswesuma relief program.

Speaking about import restrictions, the Minister noted that at present, the government continues restrictions on imports of nearly 600 HS codes and in the current economic climate, there is a possibility of exemption of all import restrictions, except for nearly 270 codes.

Officials representing the Presidential Secretariat, the Central Bank, and the Ministry of Finance conducted the briefing and the event was attended by government officials, political leaders, professionals and journalists.

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