Tuesday, June 25, 2024

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Sri Lanka Original Narrative Summary: 23/03

  1. President Ranil Wickremasinghe says the IMF EFF will restore Sri Lanka’s international recognition, ensure the country is not bankrupt & help banks to regain international recognition: also says it will create opportunities for low interest credit, restore foreign investor confidence & lay the foundation for a strong new economy.
  2. President Ranil Wickremesinghe tables the IMF agreement in Parliament: urges Opposition to unite and disregard political differences to assist in carrying out the IMF agreement, which will aid in the development of Sri Lanka’s economy.
  3. President Ranil Wickremasinghe says the Govt has agreed with IMF to reduce the primary deficit to 2.3% of GDP by 2025 & increase revenue to 14% of GDP by 2026: standard corporate income tax rate to be raised to 30% & sectoral tax holidays to be eliminated: PAYE tax rate to be raised from 12% to 15% & the tax exemption limit to be reduced from Rs 300 mn to Rs 80 mn.
  4. SJB MP & Economic Guru Dr Harsha Silva says he is happy about the IMF EFF: asserts he is not hypocritical to not appreciate it: Silva had previously strongly supported the sovereign debt default as well.
  5. SJB MP and Financial expert Eran Wickremaratne says some are of the opinion that all problems will vanish into thin air just because the IMF loan is approved: asserts the IMF loan is like getting our necks into the noose first so that they would feed us thereafter: queries from where the social protection for the people is forthcoming.
  6. Epidemiology Acting Chief Dr Samitha Ginige reassures the public that there is no danger of a listeriosis spread in the island: urges the public to refrain from creating undue fear regarding the bacterial infection.
  7. IMF predicts that restructuring the public sector debt and bad loans in the private sector would cost around 6% of the 2022 GDP for Sri Lanka’s banking and finance sector: states this would require a capital infusion equal to that amount in order to cover the bad loans.
  8. Rupee appreciates against the USD: buying rate at Rs.312.61 & selling rate at Rs.330.16: Gold prices also reduce by around Rs.10,000 with a 22-karat sovereign being quoted at Rs.152,000.
  9. Colombo University Economics Senior Lecturer Dr Shanuka Senarath says SL is currently in an interval in hell: asserts this is just the tip of the iceberg and that all the problems are still under the carpet.
  10. Colombo Grand Mosque says the Muslims in Sri Lanka will begin the month of Ramadan fasting from dawn on Friday, March 24.

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