- If the IMF bailout and debt restructuring initiatives falter, the entire country will face another collapse
- Vigilance across the nation is paramount to discern the political narratives spun by various leaders, aimed at securing power
- The infusion of US $ 150 million from the WB, designated for deposit insurance, ensures the absolute security of the banking and financial sector
- The restoration of international acceptance of LoCs within the country presents an invaluable opportunity for market expansion
- As the economic landscape strengthens, there exists the capacity to enact policies that provide greater relief to the public
- A paradigm shift is underway, to transitioning from a tax system that burdens citizens to one that respects and facilitates them
- The emphasis lies on safeguarding the taxpayer while ensuring the just prosecution of those evading taxes
- Those advocating for higher wages today are, regrettably, jeopardizing the prospects of the country’s future generations
COLOMBO : The President Ranil Wickremesinghe emphasized the critical role of the government’s program, backed by assistance from the International Monetary Fund (IMF) and debt restructuring, in rebuilding the collapsed Sri Lankan economy. The President warned that deviating from this path could lead to another economic collapse, urging caution against the allure of political fairy tales.
President Wickremesinghe highlighted the success achieved through the proper handling of two fundamental factors: securing the support of the IMF and implementing debt restructuring. He asserted that by continuing this program, Sri Lanka has the potential to evolve into a developed nation.
The President announced that the approval of the second tranche of the IMF would result in the World Bank (WB) providing Sri Lanka with US $150 million for deposit insurance. This injection of funds is expected to significantly fortify the Sri Lankan financial sector.
Acknowledging the challenges posed by various taxes, including the Value Added Tax (VAT), President Wickremesinghe clarified that these decisions were made not out of choice but as necessary steps for the country’s future. He assured that as the economy strengthens, the government will implement measures to bring relief to the people.
Calling on the nation to remember the progress made so far, President Wickremesinghe cautioned against the influence of mere speeches and criticisms. He asserted that, despite facing limitations, his leadership has steered the country towards victory by gathering support both domestically and internationally.
As the President emphasized the importance of staying on the current path, he urged citizens not to lose sight of the substantial achievements and advancements that have been realized. The President’s statement outlined a strategic approach to economic recovery, emphasizing the symbiotic relationship between the government’s program, international assistance and responsible financial decisions.
Following is full statement made by the President;
“It is indeed an honour to address you today. I am pleased to share the news that the International Monetary Fund (IMF) has officially endorsed the second tranche of the Extended Credit Facility for our country’s reconstruction. This marks a pivotal moment in our journey, as we decisively shed the label of a financially bankrupted state.
The International Monetary Fund has recognized our collective efforts and acknowledged the significance of the crossroads we have reached. Leading this challenging yet successful expedition is a humble pleasure for me.
Upon assuming leadership last year, I inherited a country struggling with financial distress. Remarkably, no political leader in our nation was willing to step forward and undertake the responsibility of steering the course of a financially ailing state. None of the heroes and leaders currently addressing this esteemed Parliament possessed the courage to step forward during the critical juncture when I assumed the responsibility of leading our nation
However, I embraced the challenge with unwavering resolve. On that pivotal day, I declared my dedication to navigate the precarious path akin to crossing a perilous vine bridge. Armed solely with determination and meticulously crafted plans, I embarked on this formidable journey.
During those initial stages, not a single Member of Parliament representing my party was present in the hallowed halls of Parliament. The journey faced ridicule and insults, particularly in the context of traversing the metaphorical vine bridge. Despite the challenges, a significant majority of members in this esteemed Parliament stood in solidarity with me, enduring scorn and mockery.
The journey encountered skepticism, and those who supported it faced various insults. The people of our nation, however, demonstrated their steadfast support, enduring hardships for the greater good of our beloved Mother Lanka. Businessmen grappled with challenges, government and private sector workers faced difficulties, and professionals such as university professors and doctors encountered their share of adversities.
The collective suffering endured was not in vain; it served as a crucial sacrifice to salvage our nation from the brink of bankruptcy. Through the dedication and perseverance of all those who bore the hardships, including the unwavering support from Parliament, we have now seized the opportunity to rescue our country from financial turmoil.
Those individuals who, with immense dedication, endured these tribulations for the sake of our nation, as well as those who stood alongside me in the Parliamentary arena, are deserving of pride. They are esteemed participants in the collective effort to steer our country away from the precipice of bankruptcy. I am confident that the contributions of these individuals will be etched in gold in the records of our history.
