Plans Are Outlined In Sri Lanka’s Budget To Get An IMF Loan

COLOMBO: President Ranil Wickremesinghe stated on Monday that if budget strategies, which are not restricted to the recommendations of the International Monetary Fund, are followed, the crisis-hit Sri Lankan economy can recover by the end of 2023.

In his first annual budget speech since taking office in July, Wickremesinghe, who is also the nation’s finance minister, told parliament that the IMF’s proposals had only been taken into consideration to stabilise the economy.

In order to receive an IMF bailout package to aid the country in recovering from its worst financial crisis in decades, Colombo included deficit-reducing measures in the budget.

The island’s 22 million inhabitants are finding it difficult to pay for imports of necessities like food, fuel, and medical supplies due to rising inflation, a declining currency, and limited foreign exchange reserves.

Wickremesinghe set many medium-term goals for the administration, including raising international trade’s share of GDP by more than 100 percent, growing exports by $3 billion annually for the next ten years, and bringing in $3 billion in foreign direct investment.

Written by Aly Bukshi

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