President warns of another crisis if IMF & govt-implemented programs disrupted

President Ranil Wickremesinghe warns that the country will fall into a crisis again similar to the situation in May and June 2022, if the economic and agricultural program implemented by the government and the debt restructuring program being carried out with the countries as per the IMF program are disrupted in any way.

He made this remark addressing an event at Sri Maha Bodhiya in Anuradhapura this evening (Jan 28), during which he presented ‘Akta Pathra’ (credentials) to the new Atamasthanadhipathi, Most Ven. Dr. Pallegama Hemarathana Nayaka Thero.

The Head of State also spoke of the tax concessions granted in 2020, which reduced the 1.6 million income tax, VAT and national development tax files that existed in 2019 to around 400,000 by December 2021.

He attributed the primary cause of the country’s economic crisis to the decrease in government revenue due to the said tax concessions.

President Wickremesinghe, who mentioned that the growth rate of the economy is expected to contract by -3.5% or -4% this year from -11% in 2022, pledged to take the country’s economy to positive growth. “We are creating a strong country that does not bow down to anyone and is debt-free, as in the Anuradhapura period.”