Warning of IMF Program Loss if Opposition Promises Are Implemented: Finance State Minister
August 30, Colombo (LNW): State Minister of Finance Shehan Semasinghe issued a stark warning that implementing promises made by opposition candidates could result in the immediate termination of the country’s International Monetary Fund (IMF) programs. He cautioned that such actions could jeopardize agreements with foreign debt holders and private bondholders, potentially leading to a severe economic crisis.
Speaking at a press conference at President Ranil Wickremesinghe’s political office in Colombo, Semasinghe emphasized the need to adhere to the IMF agreements. He noted that discussions with the IMF are ongoing regarding amendments to Pay As You Earn (PAYE) taxes, aiming to provide public relief with tax reductions expected by April 2025.
He also highlighted President Wickremesinghe’s newly launched presidential election manifesto, “Five Triumphant Years for Sri Lanka With Ranil,” crediting the President with transforming the country from the brink of economic collapse to a more stable state.
The State Minister stressed that the economy is the most pressing issue facing the country and pointed out that while various parties have proposed different economic strategies, there is little understanding of their feasibility. He emphasized that the benefits of the economic stability achieved are gradually being passed on to the people, with a portion reinvested to bolster economic resilience and mitigate the impact of the reform program on the public.
