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ஜெனரல்
State Minister of Finance Dr. Ranjith Siyambalapitiya revealed that the Sri Lankan Treasury owes Rs. 108 billion to the banking sector for the higher interest rates offered on senior citizen deposits, a scheme that was terminated amidst the economic crisis. The scheme, which provided elevated interest rates for deposits taken before 2022, has left the Treasury with a substantial liability. Addressing concerns raised by the Leader of the Opposition Sajith Premadasa about restarting the program, Dr. Siyambalapitiya explained that reinstating the scheme would require significant annual expenditure, estimating at least Rs. 80 billion, to cover the 15% interest rate promised to senior citizens above the age of 60. However, he noted that such expenses must be covered by state revenue, primarily taxes and charges. While expressing willingness to reintroduce the benefits once the government can balance its revenue and expenses, Dr. Siyambalapitiya highlighted the formidable challenges faced by the Treasury in 2024. These challenges include increased expenditures on various fronts such as public sector salaries, debt, and interest payments, alongside constrained inflows due to limitations on money printing and borrowing. Additionally, efforts to recover the amount withheld from senior citizens earning less than Rs. 100,000 in interest annually through withholding tax have proven impractical, prompting the government to actively seek alternative solutions for providing these withheld amounts to affected individuals.
