Tamil Diplomat

Prime Minister Ranil outlines his Government’s economic policy

Prime Minister Ranil Wickremesinghe says his government will introduce a number of economic reforms within 2 years with  a view of bringing about rapid and substantial economic growth.

Delivering the economic policy of the government in Parliament on Thursday, Prime Minister Ranil Wickremesinghe said that a competitive social market economy will be created.

He stated that the State Holding Corporation Limited and International Trade Agency will be established.

Wickremesinghe also assured that a low tax regime introducing an Investment Act instead of development strategic acts, while generating more revenue and reducing the budget deficiency from 3.5% of the GDP.

The Prime Minister noted that 2500 state rural development centres, through the grouping of villages, will be established to uplift the rural economy while the budget will comprise of a number of proposals in uplifting the agriculture sector of the country.

The Prime Minister said that the Government plans to develop the Western Province as a Megapolis and also develop the other areas of the country in line with that process.