News Today: President’s Address Highlights Economic Recovery Steps

In the inaugural session of the tenth Parliament, President Anura Kumara Dissanayake presented the Government’s Policy Statement with a message of optimism. He announced that the government anticipates finalizing the Staff Level Agreement with the IMF by November 23rd, marking a crucial milestone for the country’s economic recovery.

The President noted that delays in the third review of the IMF programme, initially scheduled for September, were caused by recent elections. However, discussions on bilateral debt restructuring are now in their final stages, and agreements with individual countries are expected soon.

Highlighting the government’s commitment to addressing economic challenges, the President revealed that preliminary agreements on International Sovereign Bonds and commercial market debt are in place, aiming for completion by December.

While acknowledging the limitations of the current restructuring framework, President Dissanayake emphasized the need for a new economic strategy to tackle deep-seated financial crises. He thanked the citizens for entrusting the National People’s Power (NPP) with the mandate to implement these transformative measures.