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Work to avoid another economic crisis in SL – Minister Semasinghe

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Minister Shehan Semasinghe
Minister Shehan Semasinghe

State Minister of Finance Shehan Semasinghe said that Sri Lanka is among the countries that have the lowest revenue against the GDP, instead other countries at Sri Lanka’s level are able to maintain revenue through natural resources such as oil and gas, and hence there should be alternatives to save the country from such a crisis.

The minister made these observations attending the Annual General Meeting of the Commissioners of the Department of Inland Revenue.

State Minister of Finance stated that everyone should work together to avoid another economic crisis taking place in the future. Further, he said that the government understands the pressure people are going through right now.

“We are now facing the weakest economic growth since 2001. The continuous critical situations that affected the economies of the developing countries have caused many challenges. A 6% global growth in 2021 has been slowed down to 3.2% in 2022 and will slow down to 2.7% in 2023.”

Apart from that, it is forecast that global inflation will rise from 4.7 % in 2021 to 8.8 % in 2022, drop to 6.5 % in 2023, and then reach 4.1 % in 2024. Further, he stated that in this kind of critical situation, the Government is now taking the necessary decisions for the betterment of the country rather than popular ones.

“Some people say that the official bilateral creditors are not supporting our country. But I am happy to say that all our partners, including our official bilateral creditors, have ensured that they will support Sri Lanka. We are glad that Sri Lankan authorities and the IMF have come to a staff level agreement,” he added.

He said that the Department of Inland Revenue contributes to increasing government revenue and he appreciated the contribution of the Inland Revenue Commissioners to fulfill this duty.

Friday, November 4, 2022 – 01:00











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