IMF bailout package has unlocked new path to create better future for youth and uplift the country – President
Sri Lankan President Ranil Wickremesinghe said the International Monetary Fund (IMF) bailout package has unlocked a new path to create a better future for the youth and uplift the country.
On March 20, 2023, the IMF announced that the IMF Executive Board approved Sri Lanka’s USD 2.9 billion bailout package under the Extended Fund Facility (EFF).
Making a special statement in Parliament today (March 22), Sri Lankan President said that at a time when the country was in chaos in July last year, no one was willing to accept responsibility and that he was requested to take over.
“I had no power in Parliament, and no MPs from my Party to call my own.” However, the President said his strength was his conviction that he was capable of rebuilding the country.
He told the Parliament today that the bailout of USD 3 Billion will be provided across four years and the first tranche is USD 333 million.
The President said that an immediate disbursement of USD 330 Million was received by Sri Lanka from the IMF, noting immediate facilities to the tune of USD 7 Billion will be available from the World Bank, IMF, International Financial Institutions (IFIs) and multilateral organisations.
“The government aims to reduce the primary deficit to 2.3% of GDP by 2025 and increase revenue to 14% of GDP by 2026. The standard corporate income tax rate has been raised to 30%, and sectoral tax holidays have been eliminated. The PAYE tax rate has been raised from 12% to 15%, and the tax exemption limit has been reduced from Rs. 300 million to Rs. 80 million,” President said.
He said that local banks will once again be recognized globally, as Sri Lanka will no longer be considered as a bankrupt nation.
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Splendor and prosperity is on the agenda again. So folks we are going to have a better future after all these misérables years. Certainly we are nor longer bankrupt nation, otherwise no body lend us any money but we are still a poor nation depending on hand outs and borrowing from test of the world.
Prosperity and Splendor was Yahapalana policy.
Unfortunately, the Yahapalana President was a kabaragoya who is begging to pay his fine of SLRs 100m for not doing his work, properly.
Yes, bro Ranjith….SL burnt all their boats and we were in a precarious situation. Has anyone having a better idea or a suggestion at this crucial juncture? If so please spell it out. As the saying goes a man who is about to drawn will grab a floating straw!!! That is what happened to SL.
No Sunali it was Gota’s slogan and the policy.
Yes, I do remember that person, Gota.
Was he the person who jumped into a boat from the Big House in Fort, flew to the Maldives on a taxpayer-funded SLAF Plane and then went to Singapore in a commercial flight, taxpayer-funded luxury seat, and resigned from his job in a taxpayer-funded luxury hotel suite in Singapore?
Of course, he left the nation without the promised Prosperity and Splendor!!
Mr Amarakoon. Yes I have a idea to end this crucial juncture. It is very difficult to come out of this situation when a country is so corrupted and bankrupt. Now you must have heard that when British handed this country our mob 75 years ago we were the second richest country in Asia and even Britain borrowed money from us. Tea was the best in the world and also rubber and coconut brought income to this country. When I was young I can remember the amount car show rooms like Browns. Tuckers and Walkers and departmental stores like Cargills and Millers. Above all we had law and order and every who can remember even 10 years after the independence the country was self sufficient and every body was happy. So to end this crucial juncture hand this back to British. It Is simple as that.