Sri Lankan President Ranil Wickremesinghe presents budget; says economy not out of crisis yet

Sri Lankan President Ranil Wickremesinghe on November 13 presented his government’s 2024 budget, emphasising the need for tough reforms until the full recovery of the cash-strapped island nation’s economy.

Sri Lankan President Ranil Wickremesinghe on November 13 presented his government’s 2024 budget, emphasising the need for tough reforms until the full recovery of the cash-strapped island nation's economy.

Although Sri Lanka has managed to control its hyperinflation in the ongoing economic crisis, its economy is far from being fully recovered.

Sri Lanka cuts policy rates to reduce inflation and boost economic recovery

“We have been able to put back on the rails the derailed economy. Still, people undergo suffering," Mr. Wickremesinghe, who is also the Finance Minister, said.

“The inflation which was 70% in September 2022 has been reduced to 1.5% in October this year," the Minister said. He said in order for the island nation to prevent another bankruptcy, hard reforms are a must.

The state banks were made to fund the losses of state enterprises. He proposed that two state banks’ shares be issued to the public and investors while the government would inject cash into the state banks to maintain their stability.