Ranil calls for complete system change to overcome crises

• Says country has less than $ 25 m foreign reserves at present
• Claims Govt. lost Rs. 800 b due to tax cuts
• Opines change requires new political system alongside societal upgrades to suit needs of 21st century
• Insists on importance of all factions working together to bring in stability

UNP Leader and former Prime Minister Ranil Wickremesinghe yesterday said that Sri Lanka requires a complete system change in the country.

“The country has less than $ 25 million in reserves and due to the tax cuts imposed the Government had lost over Rs. 800 billion in revenue,” he highlighted, speaking at a meeting held with professionals in Colombo to discuss the current situation in the country.

Wickremesinghe added that the Government must cut out unnecessary expenditure and provide what relief then can to the masses, while explaining that the costs of items such a fuel will increase if the Government is to increase their revenue.

“We are now unable to pay back our debt. So, we must first enact a debt repayment structure,” he said.

He warned that the banks are at vulnerable stages due to the outstanding loans taken by the Government, thus the people have lost confidence in the banking and financial system. 

As per the former Premier these issues can be resolved within a year or two at the most.

Once the immediate economic crisis is resolved, Wickremesinghe proposed that Sri Lanka must look to the future with system changes including a new political system alongside the societal upgrades, to suit the needs of the 21st century.

“The system change would require a new approach to overcome the multiple crises including education, stressing that the youth must be assisted financially to pursue these new educational avenues. Thus, the education and workforce must all adapt to the changes, so that the middle class of the country can once again flourish,” Wickremesinghe explained. 

He also suggested that the cost of the political establishment must be addressed and they should find ways to include more young people in politics.

“For Sri Lanka to achieve its true potential, public representatives must bring forth a new framework for a national policy,” he added.

Wickremesinghe also said steps are underway to begin the process of stabilising the economy, whilst insisting it was important that all factions must work together to bring in stability.

Wickremesinghe expressed confidence that through a unified effort, Sri Lanka can realise its true potential.