The government has pledged unwavering support to drive economic growth and ensure stability across the nation. In a recent press briefing at the Presidential Media Centre, key figures like Labour Minister and Deputy Minister of Economic Development Dr. Anil Jayantha Fernando and Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma showcased the government’s progress and future plans in economic stabilization and debt restructuring, as well as introducing new relief measures aimed at supporting both the public and small businesses.
Addressing Economic Challenges and Debt Restructuring
Dr. Fernando emphasized the critical situation the government faced upon taking office, inherited from past administrations that had halted external debt payments. He detailed the government’s engagement with an IMF Extended Fund Facility, which aims to infuse approximately $3 billion into the economy over four years in eight segments. This significant step towards economic recovery was marked by the achievement of a staff-level agreement on the third review, reflecting the government’s proactive stance on economic management.
The restructuring of both domestic and external debts was a major focus, with domestic restructuring completed by July 2023 and ongoing efforts for external debt. Dr. Fernando highlighted successful negotiations with various bilateral and commercial creditors, emphasizing the strategic management of these crucial relationships to stabilize the national economy.
Boosting the SME Sector and Providing Public Relief
Dr. Suriyapperuma elaborated on the government’s initiatives to support the SME sector, a vital component of the economy. The government has implemented relief measures such as the extension of loan repayments and improvements in credit terms, which are designed to help small businesses thrive during these challenging times. These measures not only help businesses manage their finances better but also contribute significantly to the overall economic framework.
Additionally, the government is committed to supporting educational initiatives for children from economically vulnerable families. A new scheme will provide financial assistance for school supplies, ensuring that all children have the necessary resources for their education. This move is part of a broader strategy to enhance social welfare and support families facing economic hardships.
Government’s Commitment to Sustainable Growth
The ministers reassured the public of the government’s commitment to navigating the country towards sustainable growth and prosperity. They highlighted the recognition from international rating agencies as a testament to their successful economic policies and strategies. The government’s continued focus on stabilizing the economy and implementing effective fiscal measures is aimed at fostering a thriving, stable environment for all citizens.
In summary, the government’s robust political commitment and strategic economic policies are setting the stage for a prosperous future. By addressing past challenges and implementing forward-thinking policies, the government is dedicated to building a resilient economy that benefits every citizen. Through these efforts, the nation is poised to achieve lasting growth and stability, ensuring a beautiful and prosperous life for all.
