Sri Lanka’s Prime Minister meets with stakeholders to discuss the new budget and economic plans

*Paromita Das
In the midst of Sri Lanka’s economic crisis, Prime Minister Ranil Wickremesinghe met with representatives from the Chambers of Commerce, the Treasury, and Economic Advisers on Monday at his office to discuss new budgets and future economic plans.

During the meeting with the representatives, the Sri Lankan Prime Minister stated that a new budget would be introduced in the country, which would significantly help in the reduction of capital, according to Colombo Page.

The money saved, according to Wickremesinghe, will be used for welfare programmes. The Sri Lankan Prime Minister emphasized the inclusion of an economic policy framework in the Constitution, which enshrines the country’s economic rights.
Furthermore, Wickremesinghe expressed concern that the food shortage will have a negative impact not only on Sri Lanka but also on the global market. He did, however, add that the Sri Lankan government was attempting to mitigate the impact of the shortages, according to Colombo Page.

Sri Lanka’s Prime Minister even proposed a Treasury plan to implement structural reforms based on a competitive social market economy. Furthermore, Wickremesinghe agreed with the recommendation to digitize the process of distributing relief to the people. He stated that he would be reviewing eligibility criteria for welfare recipients. Meanwhile, Sri Lanka is struggling to deal with its dire economic situation, with food and fuel shortages, skyrocketing prices, and widespread power outages.

In the midst of ongoing political and economic instability, the country has seen weeks of public protests.

Prime Minister Ranil Wickremesinghe recently stated that the next few months will be the most difficult in all citizens’ lives, and that the country must prepare to make some sacrifices and face the challenges of this period.