By Easwaran Rutnam
President Ranil Wickremesinghe today presented an interim-budget to Parliament which meets the expectations of the International Monetary Fund (IMF).
The President said that the interim-budget will also pave the way for a new budget in 2023.
The President said that talks with the IMF have been successful and has reached the final stage.
Wickremesinghe also said that Sri Lanka hopes to have debt restructuring talks with creditors.
He said that once talks with the IMF are completed he will brief Parliament on the way forward.
Full speech:
The Interim Budget is being presented today to the Parliament, in order to prepare the basic foundation for changing the economic trajectory of our country. This is basic to the formulation of a national economic policy in accordance with the new world order. Based on this foundation, the Budget for the year 2023, will initiate the process of creating a new economy. For the process of creating a new economy, I plan to present a comprehensive set of proposals in the Budget 2023.
In presenting the Interim Budget, I wish to draw your attention to four aspects.
(b). Revision of Laws
Chapter 11 of the US bankruptcy Code of the United States contains provisions on how to reorganize businesses in distress due to indebtedness. Bankruptcy alone is not a reason to close the business and there are ways to reorganize the business by restructuring the assets and liabilities and by getting rid of the indebtedness while staying alive in the business. New laws in similar lines should be enacted for Sri Lanka as well.
Private investment to improve quality and efficiency of the railway
Trade and investment
Manufacture of electric bicycles
‘Apa pamanada ekathena karakenne – Apa thanikara lokaya diva yanne’
China would not have become successful if it was pleasing the western powers. Why do you think that most parts of the world can not even create a developed country? Because most countries are under the trap of western powers.
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