In a comprehensive press briefing held at the Presidential Media Centre on Friday (Nov.17), Minister of Ports, Shipping, and Civil Aviation, Nimal Siripala de Silva, outlined the ambitious economic initiatives embedded in President Ranil Wickremesinghe’s budget proposals for the fiscal year 2024. Titled ‘One Way to a Stable Country,’ the Minister emphasized the strategic, long-term focus of the budget, signaling a transformative approach to the reconstruction of the national economy.
Minister de Silva conveyed that the disbursement of the second installment of the loan provided under the Extended Fund Facility (EFF) of the International Monetary Fund (IMF) is anticipated in December. He underscored the significance of this financial inflow, not just for the economic boost it brings but also for the trust it instills among other lenders, paving the way for renewed engagement with international financial institutions.
Addressing concerns about the budget, Minister de Silva clarified that it is not crafted with an eye on impending elections but rather as a well-thought-out economic framework. He highlighted the importance of maintaining political and social stability for securing financial aid, credit facilities, and investments. Despite challenges faced by the current administration, the Minister commended President Ranil Wickremesinghe for steering the nation through economic crises and committing to long-term nation-building projects.
Speaking on the economic development program, Minister de Silva outlined ongoing efforts to restructure financially unsustainable government institutions and combat corruption within entities like Customs, Excise Department, and Income Tax Department. He emphasized the necessity of aligning income with expenditure and acknowledged the complexities of balancing increased relief efforts with the need for taxation.
Anticipating the IMF loan installment, Minister de Silva also highlighted the positive momentum in economic stability and financial management, with the country’s reserves reaching US$ 3.5 billion according to the Central Bank. He assured that successful debt restructuring would enable the resumption of stalled development activities across the country.
In conclusion, Minister Nimal Siripala de Silva conveyed a vision of a stable and resilient Sri Lanka, guided by a strategic economic framework that prioritizes long-term sustainability over short-term gains.
