Sri Lanka Trying To Increase Income, Instead Of Reducing Prices - Ali Sabry

COLOMBO (News 1st); Sri Lanka's Foreign Affairs Minister Ali Sabry, PC speaking to Channel News Asia had noted that the country is facing a challenge as despite the economy showing positive signs, the prices of of products are not coming down.

Acknowledging the ongoing economic developments, Sabry cited positive indicators such as economic growth surging to 5.3%, the return of tourists, the strengthening of the Sri Lankan rupee, and remarkable improvements in reserves and primary account balance.

Despite these advancements, he noted the challenge of aligning income levels with the soaring prices that persisted during a period of inflation in mid-2022.

"But prices which have escalated during the height of inflation in 2022 mid-part had not come down. So proportionately the income of the people have not risen up to that. So our challenge is, rather than trying to bring the prices down, increase the income and the salaries of our people as we go forward. Probably that's our target for the next 6 to 18 months," he said.

Addressing the pressing need to uplift people's income, Foreign Affairs Minister Ali Sabry emphasized the critical importance of combating corruption, enhancing service efficiency, bridging the digital divide, and investing significantly in key economic sectors.

Speaking to Channel News Asia in Singapore, Sabry highlighted the crucial areas to bolster the economy, including renewable energy, port development, and positioning Sri Lanka as a strategic maritime and air traffic hub.

Sabry stressed the necessity of prioritizing income growth over price reduction in the coming months to uplift the livelihoods of citizens effectively.