President's Strategy to Stabilize Sri Lanka's Economy

COLOMBO (News 1st); Sri Lanka President Anura Kumara Dissanayake outlined the government's strategic plans to foster economic prosperity in a manner that benefits both the country and its citizens. The President emphasized the importance of stabilizing the economy and implementing policies that ensure long-term growth and stability.

President Dissanayake highlighted the government's commitment to achieving a favorable economic turnaround, acknowledging the challenges posed by the current economic situation. 

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 steps being taken to stabilize the economy, noting that the government inherited a country in a state of official bankruptcy. 
He explained that the total revenue was 4,990 billion rupees, while interest payments, salary payments for the state sector, and pension payments amounted to 4,744 billion rupees, leaving only 256 billion rupees for other expenditures.

President Dissanayake also addressed the government's decision to continue the Extended Fund Facility (EFF) agreement with the International Monetary Fund (IMF), despite the challenges it presents. He emphasized the sensitivity of the current economic situation and the need for careful management to avoid severe consequences.

In terms of tax policies, the President announced significant changes to the tax thresholds and rates, aimed at providing relief to both state and private sector employees.

President Dissanayake reaffirmed the government's commitment to stabilizing the economy and implementing policies that promote sustainable growth. He expressed confidence in the government's ability to navigate the challenges ahead and achieve economic prosperity for the nation.