In a press briefing at the Presidential Media Centre (PMC), Minister of Foreign Affairs President’s Counsel Ali Sabry emphasized the necessity of implementing a comprehensive, long-term targeted program to address the complex economic challenges facing the country. The briefing, held under the theme ‘One Way to a Stable Country,’ highlighted the Minister's focus on strategic planning and sustained efforts for achieving economic stability.
Minister Ali Sabry underscored the complexity of the economic challenges and dismissed the idea that short-term fixes would be sufficient. He stressed the importance of a systematic, long-term approach to overcome the hurdles and ensure the nation's economic well-being.
One key aspect of Minister Ali Sabry's strategy involves trapping tax evaders in the tax net to uphold the country’s status as a welfare state. A program slated for implementation this year aims to enhance tax compliance and strengthen fiscal responsibility.
During the briefing, Minister Ali Sabry provided an overview of positive economic progress, citing a substantial reduction in inflation from 70% to -2.5% and a 100% increase in tourist arrivals. These indicators, according to the Minister, signal that the country is moving in the right direction economically.
The Minister acknowledged the authority of politicians to make diverse decisions but emphasized that it is the citizens who must bear the resulting burdens. To overcome current challenges, attracting new investments, fostering job creation, and integrating the creative youth community into the job market are deemed imperative. The 2024 budget has been formulated with these objectives in mind, aiming for a new economic paradigm.
Minister Ali Sabry also highlighted substantial allocations for digitization, the modernization of agriculture, and education. He stressed the importance of avoiding bureaucratic obstacles and promoting collaborative efforts in the execution of these initiatives. Key decisions include granting rights to individuals in flats and rented houses, as well as providing land rights to farmers.
Emphasizing fiscal responsibility, Minister Ali Sabry noted that a significant portion of this year’s budget is allocated for loan instalments and interest payments. He drew attention to Sri Lanka’s position as the 8th country with the lowest taxes globally and underscored the need to focus on bringing tax evaders into the system, comparing Sri Lanka's tax rates with countries such as Haiti, Somalia, Sudan, Iran, Venezuela, and Nigeria.
