President insists not deviated from principles of democratic socialist system

Saturday, 15 June 2024 01:22 - - {{hitsCtrl.values.hits}}

President Ranil Wickremesinghe

President Ranil Wickremesinghe on Thursday emphasised that he has not deviated from the principles of the democratic socialist system in Sri Lanka.

He noted that two key objectives have been incorporated, ensuring that all citizens have an adequate standard of living and promoting rapid development across the country through public and private economic activities aimed at social objectives and the public good.

The President highlighted that the recently submitted Economic Transformation Bill is designed to achieve these ambitious goals within the framework of the Constitution. He asserted that this legislation underscores his adherence to Constitutional principles, thereby countering any accusations of unconstitutional actions.

The President made these remarks during his keynote address at the inaugural session of the 45th “SAARCFINANCE” Governors’ Meeting and Symposium at the Hilton Hotel, Colombo.

Wickremesinghe noted that several countries in the region have recently held elections, resulting in the formation of new governments. He remarked that Sri Lanka is also approaching an election, which will be pivotal in determining the country’s future trajectory. He emphasised the importance of this election, suggesting that it will decide whether Sri Lanka continues the cycle of changing governments every five years or sets a course for sustained national progress.

The President highlighted the International Monetary Fund’s (IMF) positive assessment of Sri Lanka’s efforts to rebuild its economy. He noted that Sri Lanka has met all its quantitative targets for the end of December 2023 under the current economic program, with the exception of the indicative target on social spending.

Furthermore, by the end of April, the country had achieved many structural targets.

At a time when many doubted Sri Lanka’s ability to recover swiftly from its economic crisis, the President expressed that the current situation has exceeded his expectations. He thanked all those who worked with him with confidence to achieve these results.

The “SAARCFINANCE” Governors’ Meeting and Symposium themed “Central Banking amid Multi-faceted Global Economic Challenges” concluded yesterday.