Economic Transformation Bill implementation is critical for economic recovery: Bandula

Wednesday, 5 June 2024 00:12 - - {{hitsCtrl.values.hits}}

Says implementation of targets outlined in Bill is necessary
Confirms several Cabinet papers were submitted and received approval related to external debt restructuring

Cabinet Co-Spokesman and Minister Bandula Gunawardena yesterday said Sri Lanka can only overcome the economic challenges if the proposed Economic Transformation Bill is implemented as per the targets outlined in it.

Speaking at the weekly post-Cabinet meeting media briefing, he confirmed that several Cabinet papers were submitted related to the external debt restructuring and received approval to make necessary changes related to the program. “External debt restructuring is the most decisive step involved,” he stressed.

He claimed that the Economic Transformation Bill proposed by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stability and National Policies therefore is of utmost importance. “The survival of the economy depends wholly on the implementation of the targets outlined in the Bill,” he asserted.

Gunawardena said irrespective of which Government is in power or who is the President, none of them can run the country an inch ahead without the reforms proposed under the Economic Transformation Bill.

“Previously, the Government used to print money and service debts. But that cannot be done anymore because we exceeded those limits by going overboard and got into an economic crisis,” he said, explaining the importance of implementing the Economic Transformation Bill.

Gunawardena also said that the Government is no longer in a position to cover its recurring expenses with the tax money collected.