PM meets private sector on economy, upcoming relief Budget

• More welfare measures with sharp cuts in capex
• Says economic policy framework that enshrines economic rights would be included in the new Constitution
• Treasury to undertake structural reforms based on competitive social market economy

Prime Minister Ranil Wickremesinghe yesterday met with representatives from the Chambers of Commerce along with Treasury and Economic Advisers to discuss a new budget and future economic plans.

During the meeting the Prime Minister pointed out that a new budget would be presented with significantly reduced capital expenditure and the money saved would be used for welfare programs. The Prime Minister further explained that with the war in Ukraine, the country is facing a food shortage due to mismanagement of the local market. “This food shortage will affect not only Sri Lanka but also the global market,”  Wickremesinghe added.

He explained that the Government was trying to minimise the impact of the shortages.

The private sector made recommendations to the Prime Minister that the process of distributing relief to the people should be digitised. He agreed and stated that he would review the criteria for those eligible for welfare.

In addition, the Prime Minister stated that an economic policy framework that enshrines economic rights would be included in the Constitution.

He also proposed that the Treasury plan to undertake structural reforms based on a competitive social market economy that can achieve development goals.