President Ranil Wickremesinghe shares Sri Lanka's Positive Economic Outlook and Reforms at Business Roundtable in Switzerland

Addressing the Business Roundtable organized by BOI Sri Lanka and the Swiss-Asian Chamber of Commerce, during his official tour to Switzerland to attend the 54th Annual Meeting of the World Economic Forum, President Ranil Wickremesinghe highlighted significant strides in Sri Lanka’s economic recovery and outlined future growth prospects.

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President Wickremesinghe began by acknowledging the challenging times the nation faced, noting the adverse effects of the recent crisis on businesses, small enterprises and the overall population. He mentioned a constructive meeting with the International Monetary Fund (IMF), where it was surprising to learn that Sri Lanka had overperformed despite the difficulties.

One key aspect highlighted by the President was the successful debt restructuring in collaboration with the IMF, emphasizing its necessity for dealing with creditors. He outlined the reforms undertaken in 2022 and 2023, addressing crucial business impediments and resolving supply bottlenecks in fuel and electricity. Additionally, import restrictions were lifted, foreign exchange liquidity was restored and a primary surplus in the balance of payments is anticipated for the first time since 1977.

President Wickremesinghe highlighted positive indicators such as the stabilization of the currency, a significant reduction in inflation, and the reversal of negative economic growth from the third quarter of 2023. The achievement of a primary budget surplus in 2023 marked a notable improvement.