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Won’t allow country to collapse: President 

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Delivering a special statement in Parliament a short while ago on the International Monetary Fund (IMF) Extended Fund Facility (EFF), President Ranil Wickremesinghe said he would not allow the country to collapse even if he has to face difficulties. 

He said that at a time when the country was in chaos in July last year, no one was willing to accept responsibility and he was requested to take over. “I had no power in Parliament, no Members of Parliament from my Party to call my own. However, my strength was my conviction that I was capable of rebuilding the country,” he said. 

The receipt of the IMF Facility is a step towards building a better future for the youth and uplifting the country. The credit facility amounts to approximately USD 3 billion over 4 years, with the first tranche of USD 333 million will be received. 

Additionally, the country is expecting about USD 7 billion dollars more in rapid credit support from other parties, President Wickremesinghe said. 

He said that some people consider the IMF EFF as just another loan, while others claim that the total debt of the country cannot be paid off with the amount received. He noted that these statements show either ignorance or a willingness to betray the country for political gain 

President Wickremesinghe told Parliament that the IMF EFF will restore Sri Lanka’s international recognition, ensure the country is not bankrupt and help banks regain international recognition. This will create opportunities for low-interest credit, restore foreign investors’ confidence and lay the foundation for a strong new economy.

The President said that amidst numerous hardships, bearing all kinds of pressure, and undergoing suffering with equanimity, the people of this country remained calm and patient. Their commitment was a great strength in achieving the IMF Facility. Therefore, he extended his gratitude to the people of the country

“We are now starting a new journey. We have to introduce many economic reforms throughout the process. The foundation for our success will be through this path. Some of these reforms have already been proposed and implemented through the interim budget of 2022 and the budget for 2023. We will introduce numerous other reforms,” he said in his special statement.

He also said the government aims to reduce the primary deficit to 2.3% of GDP by 2025 and increase revenue to 14% of GDP by 2026. “The standard corporate income tax rate has been raised to 30%, and sectoral tax holidays have been eliminated. The PAYE tax rate has been raised from 12% to 15%, and the tax exemption limit has been reduced from Rs. 300 million to Rs. 80 million,” he said.

The President also stated that he had previously requested the support of the opposition in rebuilding the economy, but did not receive it. He had made similar requests during the opening of Parliament and Budget debates, but to no avail. Despite his efforts, the opposition refused to extend their support citing various reasons, the President’s Media Division said.

The President acknowledged that the current situation is difficult, but assured that the sacrifices made now will lead to benefits in the near future. He emphasizes the importance of working together towards the goal of building a better future for the younger generation by setting aside past criticisms.

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Korean SME Association offers support to SL

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The Korean Small and Medium Enterprise (SME) Association has expressed its commitment to support Sri Lanka in advancing the agriculture sector and enhancing related employment opportunities.

Additionally, the association has agreed to provide technical assistance and training resources essential for the development of the fishing industry.

These topics were highlighted during a meeting held today (13) at the Presidential Secretariat between a delegation from the Korean SME Association and officials from the President’s Office.

The discussions also focused on training Sri Lankan workers locally for Korea’s fishing industry and creating employment opportunities for them.

The delegation was led by Kim Chung Ryong, President  of the Korean SME Association.

(President’s Media Division)

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US embassy lifts travel restrictions issued for Arugam Bay

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The US Embassy Colombo has lifted travel restrictions issued on October 23, 2024, for Arugam Bay. 

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Pilot project to issue e-BMD certificates to Lankans overseas

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The government has announced a new initiative to issue copies of birth, marriage, and death certificates to Sri Lankans living abroad through Sri Lankan embassies, aimed at providing greater convenience to the expatriate community.

The program will be launched as a pilot project across seven selected foreign missions, including the embassies in Kuwait, Japan, and Qatar, and the consulates in Melbourne (Australia), Toronto (Canada), Milan (Italy), and Dubai (UAE).

In Sri Lanka, efforts are underway to enhance the e-BMD (electronic Birth, Marriage, and Death) database system, which is jointly managed by the Registrar General’s Department and the Ministry of Foreign Affairs. This will allow birth, marriage, and death certificates to be issued through foreign embassies, following a model already in place for obtaining certificates at Divisional Secretariat offices across Sri Lanka.

In the initial phase, only the approximately 45 million birth, marriage, and death certificates that have already been scanned and stored in the e-BMD system will be issued.

These will include records for births, marriages, and deaths that have been registered since January 1, 1960. While the majority of these records will be available, there may be occasional delays in updating certificates that have been revised after their initial entry into the database.

(President’s Media Division)

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