AGL 37.25 Decreased By ▼ -0.10 (-0.27%)
AIRLINK 124.02 Decreased By ▼ -1.37 (-1.09%)
BOP 5.62 Increased By ▲ 0.08 (1.44%)
CNERGY 3.72 Decreased By ▼ -0.03 (-0.8%)
DCL 8.25 Increased By ▲ 0.31 (3.9%)
DFML 40.27 Decreased By ▼ -2.03 (-4.8%)
DGKC 85.74 Decreased By ▼ -2.21 (-2.51%)
FCCL 32.60 Decreased By ▼ -0.65 (-1.95%)
FFBL 66.50 Decreased By ▼ -0.90 (-1.34%)
FFL 10.16 Decreased By ▼ -0.47 (-4.42%)
HUBC 103.10 Decreased By ▼ -2.45 (-2.32%)
HUMNL 13.40 Increased By ▲ 0.55 (4.28%)
KEL 4.25 Decreased By ▼ -0.11 (-2.52%)
KOSM 7.18 Decreased By ▼ -0.47 (-6.14%)
MLCF 38.30 Decreased By ▼ -0.58 (-1.49%)
NBP 65.01 Decreased By ▼ -4.49 (-6.46%)
OGDC 173.80 Decreased By ▼ -2.10 (-1.19%)
PAEL 24.90 Increased By ▲ 0.04 (0.16%)
PIBTL 5.80 Increased By ▲ 0.13 (2.29%)
PPL 142.70 Increased By ▲ 2.95 (2.11%)
PRL 22.98 Decreased By ▼ -0.16 (-0.69%)
PTC 15.11 Increased By ▲ 0.08 (0.53%)
SEARL 65.35 Decreased By ▼ -3.65 (-5.29%)
TELE 7.00 Increased By ▲ 0.05 (0.72%)
TOMCL 36.91 Decreased By ▼ -0.04 (-0.11%)
TPLP 7.34 Increased By ▲ 0.11 (1.52%)
TREET 14.28 Decreased By ▼ -0.07 (-0.49%)
TRG 49.70 Increased By ▲ 0.05 (0.1%)
UNITY 26.15 Decreased By ▼ -1.60 (-5.77%)
WTL 1.24 Decreased By ▼ -0.01 (-0.8%)
BR100 9,601 Decreased By -94.6 (-0.98%)
BR30 28,573 Decreased By -310.6 (-1.08%)
KSE100 90,287 Decreased By -577.5 (-0.64%)
KSE30 28,343 Decreased By -212.3 (-0.74%)

COLOMBO: Sri Lanka’s economy could contract by -3.5 or -4.0% in 2023 after shrinking -11% last year, President Ranil Wickremesinghe said on Saturday.

“From 2024, we will take this economy to positive growth. We are creating a strong country that does not bow down to anyone and is debt-free,” he said.

Speaking at a religious event, he said: “The growth rate of the economy in 2022 was -11% and could be -3.5 or -4.0% this year.”

China’s EXIM bank gives Sri Lanka debt extension

If economic programs which includes difficult changes in policy such as higher taxes, cuts in public expenditure and debt restructuring were not implemented then Sri Lanka could witness further political unrest, he said.

“No one can prevent the country from falling into crisis again similar to May and June last year,” Wickremesinghe said.

The island nation of 22 million people has struggled with challenges during the past year ranging from a shortage of foreign currency to runaway inflation and a steep recession - the worst such crisis since independence from Britain in 1948.

The government signed a preliminary agreement with the International Monetary Fund (IMF) in September for a $2.9 billion program but has to put its debt on a sustainable path before disbursements can begin.

Comments

Comments are closed.