President pledges economic sovereignty by 2028

PRESIDENT Anura Kumara Disanayake yesterday pledged to build a stable economy by 2028, with sufficient growth to service debt independently.

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Delivering the keynote address at a high-level conference titled 'Sri Lanka's Road to Recovery: Debt and Governance' attended by International Monetary Fund (IMF) First Deputy Managing Director Dr. Gita Gopinath, Disanayake affirmed commitment to completing the IMF's Extended Fund Facility (EFF) program as planned, asserting it would be the country's final reliance on financial bailouts.

"A country cannot maintain sovereignty where the economy has collapsed. A nation cannot retain independence when its economy is in ruin. Whether we like it or not, we have already lost a degree of our sovereignty and independence. Therefore, the ultimate outcome must be the restoration of our national sovereignty and self-reliance. This requires a strenuous and unwavering effort," he emphasised.

He laid out a sweeping roadmap for Sri Lanka's economic recovery, calling for deeper reforms in the public sector, targeted social protection for vulnerable groups, extending strategic benefits to woo foreign direct investments (FDIs), extending relief to small and medium enterprises (SMEs), and renewed commitment to regional economic expansion.

"In pursuing that, I expect the commitment of the political leadership, the responsibility of public officials, and the cooperation of the people," he said.

Disanayake attributed the macroeconomic stability to hard-won reforms and difficult decisions, including successful debt restructuring, improved State revenues, and boosted foreign reserves.

The President said the greatest contribution to the economic recovery came from the public, who bore the brunt of these reforms.