In a special statement delivered to Parliament President Ranil Wickremesinghe announced that Sri Lanka is on the path of renaissance and is re-emerging as a success story, with the expectation of support from the entire nation to carry it forward.
The President highlighted the progress made in the Sri Lankan economy, which had previously collapsed due to riots, arson, and state bankruptcy. In just eight months, the country has turned its fortunes around and is now known as the 'Sri Lanka comeback story'.
The President also spoke about the International Monetary Fund agreement, which he presented to Parliament. He acknowledged that the country had failed to implement previous agreements with the International Monetary Fund, despite entering into 16 such agreements.
However, the President emphasized that there is no other active option for Sri Lanka but to sign an agreement with the International Monetary Fund at present.
President Ranil Wickremesinghe reassured the public that the restructuring of local debt would not harm members of the Employees' Provident Fund.
Furthermore, he stated that a social safety net has been implemented to protect low-income people and create financial stability in the country.
With these measures in place, the President is optimistic about Sri Lanka's future and urged the nation to work together towards a brighter future.
This story is from the May 2023 edition of Business Today Sri Lanka.
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This story is from the May 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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