WATCH: Basil makes first speech as FM in Parliament, gives realistic update on economy

September 7, 2021 at 3:58 PM

Finance Minister Basil Rajapaksa addressed Parliament today, the first time since assuming duties in July. 

Minister Rajapaksa briefed Parliament, giving a realistic view of the current state of the economy and the challenges faced by the country. 

His speech included issues pertaining to foreign currency and the loss of income.

The Government has lost a total revenue of Rs 1,600 billion this year due to the COVID-19 pandemic, Minister Basil Rajapaksa informed Parliament. 

Stating that 70% of indirect tax revenue has been recorded since the current lockdown was imposed, he pointed out that the revenue received from the Inland Revenue, Customs, and Excise Departments have gone down drastically due to the lockdown. 

The Finance Minister said the Government has decided to use foreign assistance with utmost diligence and will only work with institutions such as the World Bank and Asian Development Bank, and only for concessionary loan schemes.

He went on to say that Sri Lanka will not agree to political based conditions that are imposed by any doner when it comes to external borrowings

Following is the full speech made by the Finance Minister on the current state of the economy. (NewsWire)