August 15, Colombo (LNW): President Ranil Wickremesinghe has revealed plans to provide personal income tax relief, addressing a gathering of university lecturers on Tuesday (13).
He stated that proposals from the Treasury and the International Monetary Fund (IMF) are being considered to support the middle class, particularly academia, amidst Sri Lanka’s ongoing economic reforms.
Speaking at a conference themed “Transforming Sri Lanka’s Higher Education towards a Developed Nation,” held at Water’s Edge Hotel, the President outlined his vision for educational and economic progress.
He highlighted the crucial role of higher education in the country’s recovery, proposing greater autonomy for state universities to enhance educational standards and attract foreign students.
Wickremesinghe elaborated on Sri Lanka’s macroeconomic targets agreed with the IMF, the World Bank, and other international creditors. These include achieving a 2.3 per cent budget surplus by 2025 and reducing public debt to 95 per cent of GDP by 2032.
He stressed that while these targets are non-negotiable, the government is exploring options to adjust the tax structure to provide relief without compromising fiscal goals.
The President also shared plans for educational reforms, focusing on vocational training, the expansion of technology-focused universities, and introducing job-oriented associate degrees.
Wickremesinghe underscored the need for restructuring state universities to operate with more financial independence and better align education with market demands.
This includes potential partnerships with international institutions and transforming non-state degree-awarding bodies into fully-fledged universities.
Education Minister Susil Premajayantha reflected on the challenging circumstances when the President took office in 2022, with the country facing severe economic instability.
Despite initial setbacks, significant progress has been made, including stabilising the education sector. Premajayantha praised the collective efforts of academics and government officials in overcoming the crisis, emphasising the need for continued collaboration to advance Sri Lanka’s education system.
The event brought together over 750 academics, policymakers, and professionals to discuss the future of Sri Lankan education, signalling the government’s commitment to long-term development through strategic reforms in both education and the economy.
