President and Finance, Planning and Economic Development Minister Anura Kumara Dissanayake, briefing the Parliament yesterday (18) on the consensuses reached between the Government and the International Monetary Fund during the External Fund Facility Third Review, claimed that a Janatha Vimukthi Peramuna-led National People’s Power (NPP) Government would still be in power by 2028.
He said thus in response to societal views that with Sri Lanka having to repay debt by 2028 following the restructuring of debt amounting to $ 12.55 billion ($ 12,550 million) with $ 1.7 billion ($ 1,700 million) interest to be paid on the said loans – $ 11,550 million which had been, according to him, obtained during the 2016-2019 Government – the country would fall into bankruptcy again.
“Never again will we allow the situation (a reference to the economic crisis) that prevailed during 2022-2023 (the latter year being last year) to recur,” he noted.
He elaborated that the plan is to grow the country’s foreign exchange reserves-based income to $ 15.1 billion by 2028.
President Dissanayake was elected to power in September of this year while the NPP Government was elected to power last month (November), both for five year terms.
In his address, which covered proposals pertaining to the Pay As You Earn Tax, personal income tax, the Value Added Tax, the Service Export Tax (reduced to 15%), the Withholding Tax and a related new Inland Revenue Department division, the reopening of the vehicle import market, the parate law, and the allowances for pensioners, farmers, fishers, and school children from Aswesuma (benefits scheme) and eligible non-Aswesuma families, he said during this special Parliamentary statement that these proposals which would require amendments to several pieces of statutory legislation to give effect to the consensuses thus reached pertaining to the same, would be gazetted and presented to the Parliament next month (January 2025).