The World Bank noted that the Sri Lankan economy will continue to face significant challenges in 2023 and beyond.
The baseline scenario projects the economy to contract by 4.3 percent in 2023 – following the contraction of 7.8 percent in 2022 – as demand continues to be subdued, job and income losses intensify, and supply side constraints adversely affect production.
The World Bank also said that the restructuring of external as well as certain domestic debt will be needed to restore debt sustainability.
It added that a strong and credible structural reform program is critical to avoid a prolonged crisis and address the root causes of the current economic difficulties.
The World Bank said that firm resolve of political leadership and Sri Lankan citizens will be required to overcome the crisis through several structural reforms.
It added that meaningful outcomes of debt restructuring, and the collective support of international partners will also be needed to maintain the reform momentum and chart the course for a speedy and robust economic recovery.
It noted that better-targeted social assistance, a recovery in more productive sectors, and an increase in the real value of incomes will be needed to reduce poverty.
The World Bank said that Sri Lanka can use this crisis as an opportunity to build a strong and resilient economy.
It said the crisis provides a unique opportunity to implement deep and permanent structural reforms that may be difficult in normal circumstances.
The World Bank said that higher income groups, in particular, will need to take more of the burden to protect the poor and vulnerable, as Sri Lanka embarks on this journey towards a stronger and more resilient economy.
The receivable income of the Colombo Municipal Council (CMC) for the year 2022 was Rs.6,280.50 million, it was revealed during the Committee on Public Accounts (COPA) meeting.
This was revealed when the COPA met in Parliament on June 06 under the chairmanship of State Minister Lasantha Alagiyawanna to examine the Auditor General’s reports and current performance of the Colombo Municipal Council for the years 2020/2021.
The CMC’s total receivable income of the year 2021 is Rs.5,835.6 million, Rs.5,386.4 million in 2022 and Rs.4,481.5 million in 2019. It was found that these arrears are in the form of assessment tax, rent and other taxes.
Accordingly, the officials who were present pointed out that they are making arrangements to acquire the properties where the taxes are in arrears.
They said that there are issues related to the identification of the owners of certain properties, and that there is also a shortage of CMC officials available to look into these matters.
The COPA member MPs pointed out that assessment numbers have been given for unauthorized constructions as well.
Accordingly, the committee recommended that a programme should be prepared with specific dates to recover the arrears and a full report should be submitted to the COPA by July 06, 2023.
It was also revealed that the private companies contracted to collect parking fees have continued to default on the monthly rent due to the CMC and the amount of arrears to be collected from 38 companies as at December 31, 2021, was Rs. 265 million.
Field Marshal Sarath Fonseka has resigned from the Sectoral Oversight Committee (SOC) on National Security, Deputy Speaker Ajith Rajapakshe announced in Parliament today (09).
He said MP Rauff Hakeem has been appointed to the vacant position instead.