The government is committed to solve the National Debt crisis
Thursday, December 8, 2016 - 01:00
Amali Mallawaarachchi
The government is committed to solve the National Debt crisis within this decade, Prime Minister Ranil Wickremesinghe said.
The Prime Minister was speaking at an awards ceremony to present appointment letters to 124 Assistant Customs Superintendents at the Sri Lanka Customs yesterday.
The 124 Assistant Customs Superintendents were selected from 13,405 applicants who faced an open/limited competitive examination and a structured interview.
“We are dedicated to solve the National Debt Crisis, without letting this issue be carried into the next generation. We should not let our children be burdened with an unresolved National Debt. If a country is unable to pay its debts, that indicates the country is at a crisis. Sri Lanka unfortunately fell into this crisis since for a decade our expenditure outgrew our national income,” the Prime Minister said.
“Taxes were not properly collected. The whole country was at a tax-cessation. Some companies are cherishing a 30 years tax-holiday. They have not paid a penny as taxes. Thus it is
not a wonder.Even a post-war economy, was not able to pay its National Debt,at least its recurrent expenditure. This debt crisis is what triggered the 2015 Presidential Election.
The fear was that the debt crisis would keep growing and the plan was to increase taxes following the election,” the Premier revealed.
“However, President Maithripala Sirisena’s government is focused on not allowing this National Debt Crisis to burden the next generation. We are planing to increase the economic growth rate and the GDP growth rate up to 7%, for which increase of taxation is important. This process will ultimately end the National Debt Crisis. As the budget for 2017 is brought forth, we have now achieved a condition where we are able to recoup our expenditure except capital expenditure. Our next target is to be able to settle our National Debt.The budget deficit for the year 2015 reached 6.5 percent of the GDP. Our aim is to make it 3.5 percent by 2020. The battle is to increase our national income in which the Customs is at
the fore front,” the PM pointed out.
“For swift economic development, direct foreign investments are the key. We have started it with investment projects in Hambantota, Kalutara and Trincomalee. If more investments are to be attracted, we need to prove our economic stability and our tax reliefs and other facilities, we provide for the investors. We should create a conducive environment, especially at the airports and the ports, to ease the import export process,” the Premier pointed out.
Thursday, December 8, 2016 - 01:00
Amali Mallawaarachchi
The Prime Minister was speaking at an awards ceremony to present appointment letters to 124 Assistant Customs Superintendents at the Sri Lanka Customs yesterday.
The 124 Assistant Customs Superintendents were selected from 13,405 applicants who faced an open/limited competitive examination and a structured interview.
“We are dedicated to solve the National Debt Crisis, without letting this issue be carried into the next generation. We should not let our children be burdened with an unresolved National Debt. If a country is unable to pay its debts, that indicates the country is at a crisis. Sri Lanka unfortunately fell into this crisis since for a decade our expenditure outgrew our national income,” the Prime Minister said.
“Taxes were not properly collected. The whole country was at a tax-cessation. Some companies are cherishing a 30 years tax-holiday. They have not paid a penny as taxes. Thus it is
not a wonder.Even a post-war economy, was not able to pay its National Debt,at least its recurrent expenditure. This debt crisis is what triggered the 2015 Presidential Election.
The fear was that the debt crisis would keep growing and the plan was to increase taxes following the election,” the Premier revealed.
“However, President Maithripala Sirisena’s government is focused on not allowing this National Debt Crisis to burden the next generation. We are planing to increase the economic growth rate and the GDP growth rate up to 7%, for which increase of taxation is important. This process will ultimately end the National Debt Crisis. As the budget for 2017 is brought forth, we have now achieved a condition where we are able to recoup our expenditure except capital expenditure. Our next target is to be able to settle our National Debt.The budget deficit for the year 2015 reached 6.5 percent of the GDP. Our aim is to make it 3.5 percent by 2020. The battle is to increase our national income in which the Customs is at
the fore front,” the PM pointed out.
“For swift economic development, direct foreign investments are the key. We have started it with investment projects in Hambantota, Kalutara and Trincomalee. If more investments are to be attracted, we need to prove our economic stability and our tax reliefs and other facilities, we provide for the investors. We should create a conducive environment, especially at the airports and the ports, to ease the import export process,” the Premier pointed out.
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