INSUBCONTINENT EXCLUSIVE:
State Minister for Finance, Shehan Semasinghe stated that only those wishing to plunge the country back into an economic crisis would oppose
the Economic Transformation Bill.He emphasized that while the current government is focused on an optimistic economic outlook, the
opposition groups are driven solely by political motives.State Minister Semasinghe made these remarks during a press conference at the
stated,The Economic Transformation Bill aims to increase productivity and ensure equal opportunities for all citizens in Sri Lanka, while
also enhancing infrastructure
It is expected to generate job opportunities, foster economic growth, and expand the competitive market through innovative exports.However,
some individuals, lacking understanding of the bill, are making various claims
Opposition to the bill, according to some, comes from those wishing to plunge the country back into an economic crisis, alleging that its
motives.It is well-known that the absence of a targeted legal framework has contributed to our economic decline, a lesson we must heed.The
The foreign debt servicing ratio, 9.6% in 2022, is targeted to drop to 4.5% by 2027
to achieve an economic growth rate exceeding 5% after 2027, recovering from a decline to -7.8% in 2022
Unemployment, which was 4.7% in 2022, is expected to be maintained below 5% by 2025.Moreover, in 2022, the labour force participation rate
Our goal is to increase this to at least 40% by 2030 and 50% by 2040.Additionally, 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.Foreign direct investment, which was 1.6% in 2022, is expected to reach at least 5% by 2030
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.Moreover, the reform process has heightened the
impact on poor and vulnerable populations
the necessary reforms and programs outlined in the Economic Transformation Act, and we are committed to fulfilling this mandate without
