Sri Lanka PM discusses new budget, economic plans with stakeholders

World Tuesday 24/May/2022 08:43 AM
Sri Lanka PM discusses new budget, economic plans with stakeholders

Colombo: Amid the economic crisis in Sri Lanka, Prime Minister Ranil Wickremesinghe discussed new budgets and future economic plans during a meeting with the representatives from the Chambers of Commerce, the Treasury and Economic Advisers at his office on Monday.

During the meeting with the representatives, the Sri Lankan Prime Minister highlighted that a new budget would be introduced in the country which would help in the reduction of the capital significantly, reported Colombo Page. According to Wickremesinghe, the saved money would be used for welfare programmes.

The Sri Lankan Prime Minister gave emphasis on the fact that an economic policy framework would be included in the Constitution, that enshrines the economic rights of the country.

Further, Wickremesinghe expressed concerns that the food shortage will not only affect Sri Lanka but will also have a negative impact on the global market as well.

However, he added that the Sri Lankan government was trying to minimize the impact of the shortages, reported Colombo Page.

The Sri Lankan PM even proposed the Treasury plan to undertake structural reforms based on a competitive social market economy. In addition, Wickremesinghe gave his nod to the recommendation of digitalizing the process of distributing relief to the people. He stated that he would be reviewing the criteria for those who would be eligible for welfare.

Meanwhile, Sri Lanka is struggling to cope with its dire economic scarcity, with food and fuel shortages, soaring prices, and power cuts affecting a large number of people.

The country has seen weeks of public protests amid ongoing political and economic instability.

Recently, Prime Minister Ranil Wickremesinghe said the next couple of months will be the most difficult ones in the lives of all citizens and the country must prepare to make some sacrifices and face the challenges of this period.