Semasinghe Warns Opposition Promises Could Jeopardize IMF Programs

COLOMBO (News 1st); State Minister of Finance Shehan Semasinghe issued a stark warning that implementing the promises made by opposition candidates could result in the immediate loss of the country's International Monetary Fund (IMF) programs. 

He also 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 held at President Ranil Wickremesinghe's political office in Flower Road, Colombo, Semasinghe emphasized the importance of adhering to the IMF agreements. 

He noted that discussions with the IMF are ongoing regarding amendments to Pay As You Earn (PAYE) taxes to provide relief to the public, with tax reductions expected to be implemented by April 2025.

He 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. He 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.