17 October 2022 09:45 am Views - 79
State Minister of Finance Shehan Semasinghe said many economic adjustments, although essential, would be more painful to the public in the short term.
He said this at a conclave during the sessions of the annual meeting of the International Monetary Fund and the World Bank. “At present, the new administration is working with the IMF, World Bank, and other multilateral and bilateral development partners to stabilise the economy, and we have made significant progress in these efforts. Many of these adjustments, although essential, would be more painful to the public in the short term. These adjustments require targeted support for the poor and vulnerable households, as well as those who are newly at risk of falling below the poverty line”. “To provide immediate relief, the government, with the special assistance of the World Bank, has initiated a process of cash transfers to the vulnerable groups and is providing cooking gas, fertilizer, and medicine. In addition, it is essential to deepen and widen the social safety nets that we already have.