Official recognition of SL’s freedom from bankruptcy will be granted soon: President

Saturday, 21 September 2024 00:51 - - {{hitsCtrl.values.hits}}

Tells COYLE Forum economic plans to rebuild country are being implemented with everyone’s support

President Ranil Wickremesinghe yesterday emphasised that discussions with private bondholders have successfully concluded, marking a significant step in freeing the country from bankruptcy. He further stated that an official acknowledgment of Sri Lanka’s recovery from bankruptcy is expected soon, along with the swift implementation of plans to advance the country.

The President made these remarks during a meeting with the Executive Committee of the Chamber of Young Lankan Entrepreneurs (COYLE) at the Presidential Secretariat.

The President further emphasised that his goal is to rapidly shift the country towards an export-driven economy. The strategic plans required for this transformation have already been developed, with agricultural modernisation being a key component.

During the meeting, COYLE representatives shared that they have successfully established ties with a network of over 20 countries through the G20’s Youth Entrepreneurs Alliance. They also revealed that discussions have begun with organisations such as KPMG and PMI to support various entrepreneurial development projects they are undertaking.

Additionally, they highlighted a new program in collaboration with the Indian Institute of Technology (IIT) in Chennai to quickly provide much-needed support and resources to start-ups and small businesses in their initial stages.

COYLE also informed the President about their efforts to establish trade centres in the United States, Dubai and Australia, with the backing of their members in these countries. These initiatives aim to help Sri Lankan entrepreneurs expand their businesses and bring local products to the global market.

President Wickremesinghe responded positively to their initiatives and further commented:

To survive, we must focus on expanding international trade and increasing exports. New institutions will be established to support this transformation, as it’s the only path forward. We have just concluded negotiations with bondholders, and the next crucial step is to have our bankruptcy status lifted. After that, the real work begins — we’ve only completed the easier part so far.

As we shift toward an export-driven economy, all systems and strategies must be reformed. We’re exploring areas like modernising agriculture, introducing smart agriculture, and opening up various sectors, including services, agriculture, and production. The introduction of a single-window system will streamline operations, and significant government restructuring will follow.

Our priority was to address the bankruptcy, and now that negotiations are done, recognition may come in the next month or so. With that, we anticipate receiving concessions on payments, estimated between $ 10 billion and $ 15 billion. A formal statement is expected by this afternoon, which will clarify the exact figures. After that, we continue forward.

Senior Advisor to the President on Economic Affairs Dr. R.H.S. Samaratunga, International Affairs Director Dinouk Colombage, and members of the Executive Committee of the Chamber of Young Lankan Entrepreneurs (COYLE) were among the representatives present at this event.