The economy expanded by 5 per cent, while tax revenue rose by 41.4 per cent to Rs. 2,348.5 billion in the first eight months of 2024 compared to the same period in 2023, the Finance Ministry’s pre-election budgetary position report revealed.

Inflation fell to a deflation of 0.5 per cent in September 2024, and Gross Official Reserves increased to US$6 billion, including a swap arrangement with the People’s Bank of China (PBOC) as of the end of August 2024.

The Sri Lankan rupee strengthened, appreciating by 8.2 per cent by the end of September 2024.Economic reforms under the International Monetary Fund’s Extended Fund Facility (IMF-EFF) have played a key role in supporting the country’s economic recovery and improving living conditions, the report highlighted.

Efforts to maintain macroeconomic stability and restore debt sustainability remain crucial for achieving fiscal goals, with a medium-term primary balance target of 2.3 per cent of GDP set for the end of 2025.