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Sri Lanka seeks debt moratorium until 2042
30 May, 2024
Sri Lanka has sought a debt moratorium until 2042, President Ranil Wickremesinghe said.
He said that Sri Lanka has already obtained a moratorium on the repayment of its debt until 2027.
However, the President said that Sri Lanka has sought to extend the debt moratorium until 2042.
Wickremesinghe said that talks on the matter are still ongoing.
Meanwhile, State Minister for Finance, Shehan Semasinghe said that?the current account balance, which was at -1.9% in 2022, is targeted to be maintained at 1% by 2025. The export of goods and services, which was 21% in 2022, will be increased to 40% by 2025 and 60% by 2040 through the Economic Transformation Act.
He said that foreign direct investment, which was 1.6% in 2022, is expected to reach at least 5% by 2030.
“Our aim is to make direct investment account for 40% of the country?s exports of goods and services by 2030.?The primary balance of our country is a key factor in the International Monetary Fund?s economic stabilization program. We aim to shift the primary balance from -3.7% in 2022 to +2.3% by 2025 and maintain it at 2% beyond 2032.?Additionally, government revenue, which was 8.3% of GDP in 2022, is targeted to exceed 15% by 2025. This increase will ensure the uninterrupted provision of essential services to the people,”he said.
The State Minister said that it is the Government?s responsibility to implement the necessary reforms and programs outlined in the Economic Transformation Act. (Colombo Gazette)
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