New economic reforms vital for country’s recovery -President

President Ranil Wickremesinghe emphasised the necessity of a new economic reform programme for the country’s economic recovery. He urged collective support from all citizens to prevent the next generation from inheriting the hardships of past economic crises.

The President reminisced about inheriting a country others were reluctant to lead, highlighting that while some focused on their political aspirations, his concerns were committed towards the welfare of the nation’s future.

President Wickremesinghe made these remarks while participating in a friendly discussion organised by the United Youth Union on the theme ‘Future of our Youth’. The event took place on Saturday (23) in Polonnaruwa.

During the ‘Conversation with the President’ meeting, President Wickremesinghe engaged in discussions with the youth, focusing on the future and vision of the country. The President addressed various issues raised by the youth and provided solutions during the session.

During the event, President asserted that the populace would reap the rewards of the Government’s ongoing economic reform endeavours within a few years. He stressed the importance of the nation’s youth determining the trajectory towards a brighter future for both themselves and the country.

Addressing the youth, the President said:

“I assumed leadership of a country in decline, one that other political leaders were reluctant to govern. Contemplating the consequences had I not stepped in, I recognised the stakes were high. While some feared the impact on their political careers, I considered the dire prospect of the country’s demise if immediate action wasn’t taken.

“My sole challenge was my solitary presence in Parliament. However, around December, I engaged in discussions with the Managing Director of the International Monetary Fund (IMF) and the World Bank (WB). Subsequently, I briefed the former President on these discussions and urged him to implement the proposed programme. “In the previous election, the United National Party declared the country’s financial deficit, emphasising the urgent need to secure at least US$ 3 billion. Despite our efforts, this candid disclosure did not resonate with voters.

However, the accuracy of this statement became evident in 2021.

“Assuming leadership amidst such dire circumstances, I pondered the repercussions had I not stepped in. The nation’s economy teetered on the brink of collapse, necessitating immediate action. We diligently pursued support from the IMF to revive the ailing economy. Successfully concluding negotiations with the IMF, we are now poised to engage with the countries from which we have borrowed, seeking further assistance to stabilize our financial footing.

“Following these discussions, our country’s development initiatives will receive renewed support from these nations. However, it is crucial to acknowledge that this alone does not address all our challenges. Persistently operating as an import-dependent economy, where imports surpass exports annually necessitates borrowing to bridge this gap. Without rectifying this structural imbalance our economy risks collapsing again within the next decade.

“It is incumbent upon each of us to prevent the transmission of this economic crisis to the next generation. I firmly believe that this responsibility rests upon all our shoulders, necessitating our full dedication. Urgent economic restructuring is imperative, transitioning from an import-dependent to an export-driven economy. This requires comprehensive economic development across urban and rural areas alike, coupled with stringent budgetary controls. By implementing these governmental reforms, we can envisage a shift to an export-oriented economy by 2035, paving the way for sustained economic growth thereafter.

“Furthermore, the Government aims to double the annual tourist arrivals to Sri Lanka from 2.5 million to 5 million. Efforts will also be made to attract high-spending tourists to the country.

“Additionally, we are dedicated to rural development through an agricultural modernsation initiative. This initiative aims to facilitate agricultural exports by enhancing rural infrastructure. We are introducing new crop varieties and collaborating with the Thai government to explore ‘Durian’ cultivation opportunities. By increasing crop productivity, we envisage substantial improvements in the rural economy.

“With abundant solar and wind resources in our country, transitioning to wind and solar energy production could yield tenfold the required energy, with surplus electricity exportable to India. Moreover, a thousand-acre investment zone in Trincomalee is underway, supported by India. Plans also include the development of the Mahaweli A and B zones to establish modern agricultural practices.

“Efforts have been underway to establish new investment zones in Bingiriya and the North, with the requisite land already earmarked for this purpose. These initiatives are slated for implementation within the next five years.

“I am undertaking all these endeavours for the betterment of your future. It should be emphasised that these efforts are ultimately for the benefit and prosperity of your children.

“Additionally, efforts have been directed towards the development of the Hingurakgoda area, with funding allocated this year for the construction of Hingurakgoda Airport. This initiative will expand air services to the province. Furthermore, the historic town of Polonnaruwa can be made accessible to tourists both day and night. By integrating cultural elements with modern dances and songs, we have the potential to organise diverse tourism programmes. It is imperative that we advance with these initiatives.

“Henceforth, it is imperative for the youth to chart the course for the nation’s future. You hold the reins to your destiny. Within our political landscape, there exists a faction advocating quick fixes akin to ‘oil medicine’. However, the issues confronting our nation cannot be remedied with such temporary solutions. Therefore, I urge you to exercise caution and foresight as you navigate towards the future.”

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