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Inflation will be down to 5% by mid 2024 – State Minister

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Finance State Minister Ranjith Siyambalapitiya said inflation will be brought down to 5 percent by the middle of this year.

Siyambalapitiya said that necessary steps are being taken to bring the inflation rate to 5 percent by the middle of 2024. He pointed out that the government has been able to bring down the inflation rate drastically which had risen to 70 percent earlier to 6 percent today.

The State Minister made these remarks in Parliament yesterday. He added that the amount of foreign reserves, which had reduced to US$ two million, has now increased to USD 4.7 billion. The State Minister said that the people have not forgotten the era when oil tankers were turned back due to inability to pay money about one and a half years ago.

Siambalapitiya noted that the amount of public debt, which had increased to 128 percent compared to the GDP, has decreased to 104 percent today. He emphasized that the economy is getting stronger gradually and no one is capable of miracles and therefore the economy cannot be restored in a week or two.

The State Minister pointed out that the opportunity has come to place traditional political slogans aside and to work for the entire country and the countrymen aiming to make the situation better. Meanwhile, in response to a question raised by the opposition regarding the increase in salaries of Central Bank of Sri Lanka (CBSL) employees, the State Minister stated that such salary increases have been given for certain positions that have no replacements, in the hope of retaining them in the respective positions.

He said that during 2022-23 period 99 individuals or in other words 10 percent of the CBSL employees have gone abroad. According to him, in accordance with the collective agreement, the CBSL employees will be entitled to the salary increase every three years. He added that the money for the salaries of the CBSL employees is also allocated from the CBSL account.

The post Inflation will be down to 5% by mid 2024 – State Minister appeared first on DailyNews.

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