State Minister of Finance Shehan Semasinghe states that the country’s economy will be driven by the private sector in the future, and that the government will only act as a regulatory authority.

“Basically in the future, the policy of the government would be, our economy will be driven by the private sector. So, the government will only act as a regulatory authority.”

“The government has made significant progress in stabilization of the economy, but I must also say we have a long way to go”, he added.

Furthermore, Semasinghe expressed confidence that by the end of the year there will be a greater stabilization of the economy, adding that at the time, it is required to strengthen the tax administration system.

“We can have a discussion on that, and see how best we could assist you in a better way”, the State Minister emphasized, adding that “however, we have to stabilize and strengthen the economy at first.”

The Finance State Minister also pointed out that Sri Lanka intends to conclude its debt restructuring process during the final quarter of 2023. 

“In line with the IMF’s first review, which just commenced yesterday; it’s going to be a long review, almost close to two weeks, and the President will have the final meeting on the 26th (of September)”, he added.