President Ranil Wickremesinghe of Sri Lanka defended the government's economic policies, likening the nation's journey to traversing a precarious vine bridge. Speaking before the legislative assembly, Wickremesinghe stressed the indispensability of these measures and urged unity in restoring the country's economy.
He highlighted the initial skepticism towards seeking assistance from the International Monetary Fund (IMF) but underscored the necessity of such steps in initiating vital reforms. Wickremesinghe acknowledged the challenges, including the postponement of salary revisions due to stagnant revenue growth in 2024, but emphasized the importance of staying the course to avert further economic crises.
He pointed to the positive outcomes of the IMF-backed program initiated in 2022 and stressed the prioritization of debt restructuring alongside efforts to boost government revenues and foreign exchange reserves. Wickremesinghe also advocated for private sector involvement in revitalizing government enterprises and emphasized the need for a modern institutional framework to attract foreign investments. With more than 30 new laws and amendments passed in parliament over the past two years, Wickremesinghe urged a steadfast commitment to long-term economic vision, cautioning against deviating from the current reform trajectory.
The President emphasized that these reforms represent the sole path towards economic recovery and called for a collective effort across religious, professional, and business communities to secure the country's future.