The State Minister of Finance, Economic Stabilization and National Policy, Ranjith Siyambalapitiya says that the results of the government’s decisions which were taken to strengthen the economy are gradually starting to be seen.
He points out that, the decrease in the cost of imports has increased as a percentage due to the restrictions imposed on the import of goods.
It has become possible to reduce the cost of imports by 25%, by the month of July this year compared to July 2021, he added.
In addition, state minister Siyambalapitiya emphasizes that exports are also increasing significantly, claiming that the export income shows a growth of 90% in August, this year compared to August 2021.
As of August 31, 2022, the total income of the country was recorded as Rs. 1,232.4 billion, while the total expenditure of the country was Rs. 3,539 billion, the minister said.
Further, the lawmaker expressed that everyone including the opposition is of the opinion that the country’s revenue needs to be increased.
The state minister, who claimed that the government revenue should be increased up to 11% compared to the current level of 8% of Gross Domestic Product (GDP), also stressed that the relevant procedures should not cause any additional pressure on the low-income families of the country.
Accordingly, the country is currently facing the challenge of raising the state revenue by at least Rs.400 billion, he claimed.