Minister Outlines Ambitious Plans to Slash Cost of Living by 75% in Sri Lanka by Q1 2024
January 04, Colombo (LNW): Minister Nalin Fernando’s recent announcements hold a promising outlook for Sri Lanka’s economic landscape. He asserts a substantial 75% reduction in the cost of living by the first quarter, buoyed by the country’s positive economic growth at the onset of 2024.
In a press conference themed “Collective Path to a Stable Country,” the Minister highlighted plans to fortify consumer rights through a new Consumer Authority initiative. Addressing concerns about the impact of India’s halt on big onion exports, he assured a resolution within two weeks when India is expected to ease its restrictions.
Emphasizing the significance of taxes as a source of government income for national investments, Minister Fernando underscored the importance of citizen support. Despite modest taxation levels in Sri Lanka, he acknowledged unwarranted price hikes driven by improper publicity surrounding tax amendments.
The Minister unveiled ambitious plans for Lanka Sathosa, aiming to expand its outlet network significantly and increase the company’s income to nearly Rs. 70 billion by year-end. Amid economic challenges, the goal is to achieve an operating profit of Rs. 1.5 billion and secure a net profit of Rs. 500 million.
Anticipating a new program for the Consumer Authority in 2024, Minister Fernando outlined plans to fully computerize the Department of Measurement Units, Standards, and Services within the first four months to better meet consumer needs.