On this episode of ‘At HydePark with Indeewari Amuwatte’, former Resident Representative of the International Monetary Fund to Sri Lanka, Dr. Nadeem Ul Haque and Professor in Economics at University of Colombo, S. P. Premaratne discuss Sri Lanka’s ongoing debt restructuring process, tax reforms and how the economy should modernise to face challenges of the future “.

Former IMF Resident Representative to Sri Lanka Dr. Nadeem Ul Haque said, the country should find alternatives and cut down subsidies for welfare and create opportunity for the economy to grow without considering the IMF bailout as a gift but a reform that needed to take place in the country.

Further elaborating, Dr. Haque said, as a country recovering from crisis, Sri Lanka must look for ways to put the island in a position to attract foreign investment and take more risks in the recovering process.

Also speaking to Indeewari Amuwatte, Professor in Economics at the University of Colombo, S. P. Premaratne said, the Sri Lankan government should also focus on non-conventional income methods without solely relying on the expected tax revenue in the coming years. He pointed out that data indicate a reduction in individual incomes due to the adverse effects on personal income and corporate income following the increase in VAT and income tax rates.

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