Sri Lanka needs US$1 billion to return LKR to some semblance of normality: PM

by Sanath Nanayakkare

Sri Lanka needs inflows of US$ 1 billion to strengthen the rupee in line with the daily requirements of the citizens, Prime Minister Ranil Wickramasinghe said in parliament yesterday.

‘Apart from that, we need $5 billion to ensure our daily lives are not disrupted for the next six months,” he said.

“Sri Lanka is now set on a sequenced plan to weather the economic storm and achieve a surplus in the primary account in 2025. We will have to make the right decisions to achieve economic stability in 2022-2023. Then In 2024, we shall be able to adopt fiscal stimulus measures to provide supplemental benefits to different economic factors. And in 2025, our goal is to balance our Budget or achieve a surplus primary surplus. This economic program must continue to move towards this long-term goal. In spite of individuals, groups or political parties in power change, it is imperative that we achieve our national economic goals and maintain the highest level of macroeconomic prudence. We are in talks with the IMF based on our future economic plans,” he said.