Focus on Governance, Economy and Human Rights in Times of Disaster
- Team Arutha
- Feb 13
- 1 min read
Executive Director of Arutha, Yolani Fernando shed light on the current economic situation following Cyclone Ditwah.
“There would be certain adjustments made by IMF and other partners that will allow us to keep going. Initial estimates put the reconstruction bill somewhere in the USD 7 billion range. But these are all estimates. There are certain concerns regarding restrictions that are there as a result of the reforms that have happened. For instance, the Public Finance Management Act and its particular restriction being primary expenditure (expenditure without debt servicing) having to be maintained at 13%. There are provisions to change that up to 14-14.5% that doesn’t require an amendment in Parliament but a resolution. But such a resolution would have to provide justification to Parliament along with time bound measures to return to a path where we are avoiding debt accumulation,” she explained.
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