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Thursday, March 30, 2023

Sri Lanka PM plans parliament panels to raise taxes, watch banking problems:

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ECONOMYNEXT – Sri Lanka’s Prime Minister Wickremesinghe has proposed two parliamentary committees to come up with new revenue measures and watch emerging problems in banks and finance companies as the country reels from the worst currency crises in the history of the island’s central bank.

Sri Lanka’s revenues are low and has to be taken to 14 percent of gross domestic product in the short term and 18 to 20 percent in 10 years, he said.

“For this a ways and means committee will be set up,” Prime Minister Wickremesinghe said in a national address.

“That committee will propose ways to collect and raise reveneus.”

No mention was made of setting up a committee to cut spending.

Sri Lanka’s parliament has a Committees on Public Finance, Committee on Public Accounts and Committee on Public Enterprises.

Another committee will look at emerging problem in banks.

“There are a series of problems with banks and finance companies,” Prime Minister Wickremesinghe said.

“They have weakened. To strengthen and report on them we need a committee.”

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