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Triumph or failure of entire country is at stake

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President Ranil Wickremesinghe emphasized that the upcoming Presidential Election will not be about his personal victory or defeat, but that of the country’s success or failure.

The President noted that if the people are satisfied with the government’s programme, they can support it. Otherwise, they will face the consequences of living in a country with a collapsed economy, struggling to supply essential items like medicines and fertilizer and experience long queues for fuel and gas.

President Wickremesinghe made these remarks during a Dialogue on Policy Reforms held at the Water’s Edge Hotel in Battaramulla with Youth Representatives of the Parliamentary Sectoral Oversight Committees on Tuesday (11).

The President highlighted that those making various promises on platforms today lack a concrete programme to move the country’s economy forward. He also emphasised the need to avoid past mistakes by making decisions during elections, focusing on individuals.

To advance the nation’s economy, the President urged all political parties to support the Economic Transformation Bill presented by the government. He also invited them to present any alternative proposals they might have for the country.

President Ranil Wickremesinghe further stated: “Today, you are gathered here as members of the Parliamentary Sectoral Oversight Committees. Since assuming the Presidency, an idea was imparted to me during a discussion with Karu Jayasuriya, which has evolved into what we witness today. We have provided young leaders with a platform to contribute to governmental initiatives by offering their insights and recommendations for the nation’s future plans. Consequently, we carefully consider all viewpoints presented.

There is prevalent discourse regarding the economic bankruptcy of our country today. However, I do not fully concur with this assessment. Our country is not only facing economic challenges but also political ones. These intertwined issues have become a formidable challenge that demands our attention.

The absence of a formalised economic structure has left our country vulnerable to significant challenges. Historically, our economy has relied heavily on imports, creating a situation where our expenditure exceeded our financial resources. Compounded by the financial burdens of war, our fiscal situation deteriorated further. Despite hopes for rapid economic growth following the end of the war, progress has been limited. Fifteen years on from the end of the war, we find ourselves still grappling with economic stagnation. We persisted in employing outdated methods, resorting to borrowing when faced with financial constraints, ultimately leading to unsustainable debt levels.

During this period, there was a reluctance to acknowledge the reality of our economic situation. However, we recognised the urgent need for economic reform and made commitments to that effect during electoral campaigns. Regrettably, amidst these efforts, certain elements within the country propagated unfounded fears of national sovereignty compromise. Despite such assertions, we find ourselves in a state of financial crisis.

In 2015, during my tenure as Prime Minister, I had to implement tax increases to address the country’s revenue needs. However, in 2019, President Gotabaya Rajapaksa assumed leadership and initiated tax reductions, resulting in a decline in revenue.

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