February 21, Colombo (LNW): In a session at Parliament, Finance State Minister Ranjith Siyambalapitiya assured lawmakers that the government is actively working to bring down inflation to 5 percent by the middle of the year. He highlighted the successful efforts in reducing the inflation rate from 70 percent to the current 6 percent and expressed confidence in achieving the targeted 5 percent inflation rate.
Siyambalapitiya emphasized the improvement in foreign reserves, noting that the amount has surged from a low of USD two million to USD 4.7 billion. Reflecting on past challenges, he recalled a period not long ago when financial constraints led to the turning back of oil tankers. However, he pointed out that the situation has improved significantly.
Addressing economic indicators, the State Minister shared positive news about public debt, which has decreased from 128 percent of GDP to 104 percent. Siyambalapitiya urged patience, stating that economic recovery is a gradual process and cannot happen overnight.
Highlighting the need for unity beyond political slogans, the State Minister encouraged collective efforts for the betterment of the country and its citizens. Responding to opposition queries about salary increases for Central Bank of Sri Lanka (CBSL) employees, he clarified that such increments were granted to crucial positions with no immediate replacements to retain skilled professionals.
Siyambalapitiya disclosed that, in accordance with the collective agreement, CBSL employees are entitled to salary increases every three years. He also addressed concerns about staff turnover, stating that 10 percent of CBSL employees had gone abroad during the 2022-23 period. The State Minister assured that funds for CBSL employee salaries are allocated from the CBSL account.
