Transport, Highways and Media Minister Dr. Bandula Gunawardhana yesterday said that President Ranil Wickremesinghe is the only leader in the country’s history who rebuilt a country battered by an unprecedented economic crisis.
“There are two occasions in our history where the country’s economy collapsed. The country’s economic growth recorded -1.4 in 2001 for the first time”, he said.
The Minister said that the surge in global fuel prices, coupled with rising government expenditures, has led to an expansion of the balance of payments and budget deficit in 2001. He further remarked, “This situation has also triggered an unprecedented political crisis within the country.” The Minister said that President Chandrika Bandaranaike had to dissolve the parliament in 2001 after several key Ministers left the government. “A government was then formed by then Opposition Leader Ranil Wickremesinghe.
“Dr. Gunawardhana said that Wickremesinghe successfully secured assistance from the IMF in 2001 to rejuvenate the economy. A series of measures were enacted to reduce government expenditures, enabling the Wickremesinghe administration to restore stability to the nation within a year.
He stated that the Special Act was passed in parliament with the objective of overseeing government finances. He remarked, “We could have averted any form of economic crisis in the country if the governments that took office after 2001 had adhered to this Act; we would not have encountered any economic turmoil in the country.”
Nearly all governments took measures to amend this Act and distanced themselves from the IMF programme.
The Minister added that country experienced the second economic crisis in 2022 and the country’s economic growth rate dropped to an unprecedented level of -7.8.
“The country was in crisis and there was no fuel, no food and electricity. People were protesting against the government. They entered the President’s House, President Secretariat and the President Gotabaya Rajapaksa had to leave the country”, he said.
He added that President Ranil Wickremesinghe came forward for the second time and accepted the challenge of rebuilding the country by bringing help from the International Monetary Fund.
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