Primary account registers surplus for sixth-time post-independence: Siyambalapitiya

Saturday, 27 May 2023 01:48 - - {{hitsCtrl.values.hits}}

Reiterates Govt. has no plans to write off loans in People’s Bank or Bank of Ceylon as speculations claim

Acting Finance Minister Ranjith Siyambalapitiya said the primary account has registered a surplus for the sixth time post-independence, noting that it is a positive sign of economic recovery.

“In the first quarter of 2023, the primary account has recorded a marginal Rs. 48 billion. Previously, such a positive outcome was recorded in the year 2018,” he told the House in a debate related to several executive orders under the Finance Act.

The previous five previous occasions Sri Lanka’s primary account recorded a positive figure were in 1954, the first time, with a value of Rs. 57 million, in 1955, Rs. 150 million, in 1992 the amount was Rs. 177 million, in 2017 it was Rs. 2,071 million and in 2018 it was Rs. 91,421 million.

As per him, in the first quarter of 2021, the primary account showed a deficit of Rs. 1,009 billion and in 2022, the deficit was shown as Rs. 894 billion.

Siyambalapitiya also said Government’s revenue generated in the first quarter was Rs. 635 billion but the expenditure was double that amount at Rs. 1, 260 billion.

The Acting Finance Minister also notes that the Government has no plans to write off loans in the People’s Bank and the Bank of Ceylon as speculated.

He argued that the idea that friends’ loans at State banks had been waived was false propaganda.

Siyambalapitiya also claimed that at a time when citizens are already struggling due to the ongoing economic crisis, such misleading data will oppress depositors.