Prime Minister Ranil Wickremesinghe says that the government will introduce a new national pension scheme by merging the Employees Provident Fund (EPF) and the Employees’ Trust Fund (ETF).

The prime minister was delivering the government’s medium term economic policy in Parliament today (5).

He stated that the State Holding Corporation Limited and International Trade Agency will be established. 

Wickremesinghe also assured that a low tax regime introducing an Investment Act instead of development strategic acts.

Freehold land ownership will be provided to nearly 3 million people and that ownership will also be provided to those living on rent in state houses for more than 10 years.

He said the government proposes restructuring of state owned enterprises and the creation of holding corporation to manage them by a board appointed by the constitutional council and the creation of the national wealth fund, inter alia by amalgamating the EPF and ETF, once again, to be managed by an independent body.

Sri Lanka will target a budget deficit of 3.5 percent of gross domestic product by 2020, Prime Minister Ranil Wickremesinghe told parliament.

Sri Lanka’s budget deficit is expected to reach 6.5 to 6.8 percent of GDP this year, up from the government’s original target of 4.4 percent, the finance minister had said last month. 

He also said that import taxes on books and sports goods will be removed. The PM also said that university students will be provided with loan facilities to purchase laptops.