Complexity of economic challenges highlighted

COLOMBO: Foreign Minister Ali Sabry has emphasized the imperative need for a comprehensive, long-term targeted program as the primary solution to address the economic crisis facing the country.

Minister Ali Sabry underscored the complexity of the economic challenges and stressed that more than short-term fixes would be needed, highlighting the necessity for strategic planning and sustained efforts to achieve economic stability.

The Minister also noted the imperative of trapping tax evaders in the tax net to ensure the country’s continued status as a welfare state. In this regard, a program is slated for implementation this year to enhance tax compliance.

The Minister made these remarks during a press briefing held at the Presidential Media Centre (PMC), under the theme ‘One Way to a Stable Country’.

Minister Ali Sabry provided an overview of positive economic progress. Notable achievements include a substantial reduction in inflation from 70% to -2.5% and a 100% increase in tourist arrivals.

According to the Minister, these indicators affirm that the country is moving in the right direction economically.