President Dissanayake Outlines Economic Stabilization Plans

Sri Lanka's President Anura Kumara Dissanayake has outlined the government's strategic plans to steer the country toward economic prosperity. During his address, he emphasized the importance of stabilizing the economy and implementing long-term growth policies that will benefit both the nation and its citizens.

Addressing the challenges posed by the current economic situation, President Dissanayake expressed optimism about achieving a favorable economic turnaround. He stated, "This is a political movement that believes that the economic journey we have embarked on should reach a favorable turning point, and works towards achieving that goal. However, we also have an understanding on how to reach that turning point."

The President elaborated on the government's efforts to stabilize the economy, noting that the administration inherited a country facing official bankruptcy. According to Dissanayake, the government's total revenue is 4,990 billion rupees, while essential expenditures such as interest payments, state sector salaries, and pension payouts account for 4,744 billion rupees, leaving only 256 billion rupees for other priorities.

In light of these challenges, President Dissanayake reaffirmed the government's decision to continue the Extended Fund Facility (EFF) agreement with the International Monetary Fund (IMF). Despite the difficulties posed by this arrangement, he stressed the importance of careful management to avoid severe economic consequences.

Regarding tax policies, the President announced significant changes to tax thresholds and rates, aimed at providing relief to both state and private sector employees. These adjustments are part of the government's broader effort to ease the financial burden on workers while promoting fiscal stability.

In conclusion, President Dissanayake reaffirmed the government's commitment to stabilizing the economy and implementing policies that encourage sustainable growth. He expressed confidence in the nation's ability to overcome current challenges and achieve economic prosperity for the future.