Sri Lanka ushers in 2025 with relief measures for the people
As Sri Lanka embarks into 2025, the new government has taken a few transformative decisions within the first 100 days in office to deal with the economic crisis of the nation and provide relief to the citizens. Despite many challenges, these reforms are setting the stage for sustainable progress.
The government received a major approval for the debt-restructuring plan worth US$12.5 billion, likely to achieve savings of $9.5 billion in four years regarding debt servicing, hence paving the way toward economic recovery while easing financial stresses on citizens.
Inflation has also fallen to -1.7 per cent this November 2024 from the earlier -0.7 per cent in October, after cuts in power tariffs and fuel prices, and on the strengthening of the rupee, all of which have somehow reduced the cost of living for many Sri Lankans.
Deputy Minister of Finance and Planning, Dr. Harshana Suriyapperuma, emphasised the government’s commitment to addressing economic challenges. These measures are not just numbers; they are lifelines for struggling families and businesses, he said.
Government relief has been extended to business by restructuring loans and by way of easy repayment terms. For loans under Rs. 25 million, there was a 12-month grace given to renegotiate the loans. For those between Rs. 25 million to Rs. 50 million, nine months were allowed and for others six months, he revealed.
A new Gazette Extraordinary has restructured the Aswesuma Welfare Benefit Payment Scheme, raising allowances for the most vulnerable. Poor families now receive Rs. 10,000 up from Rs. 8,500 per month. Extremely poor families now get Rs. 17,500, up from Rs. 15,000.
The government also allocated Rs. 6,000 per child for necessary school accessories. This facility was for welfare-receiving families as well as for economically disadvantaged children without welfare coverage.
Meanwhile, the government has suspended the implementation of the Parate Execution law until March 2025 to ensure that the solution for long-standing financial problems is inclusive and effective.
Reforms like these, along with strategic debt management and welfare initiatives, have been considered the bedrock of Sri Lanka’s journey toward economic stability and growth.
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