• Stresses only one way to rebuild collapsed economy is via IMF 
• Urges Opposition parties to come with alternative proposals 
• Blames some political parties play political games by misleading people on benefits of IMF program
• Reveals 15 prior steps assigned by IMF were completed by 6.00 p.m. on 15 February with the upward revision of electricity tariff

President Ranil Wickrem-esinghe on Monday said the Government is open to alternative economic revival proposals to be presented to the International Monetary Fund (IMF). 

During a meeting with businessmen and lawyers in the Kandy district, President Ranil Wickremesinghe emphasised the importance of having a proper plan to strengthen the country›s economy.

He praised the current Government›s economic program, which has helped reduce recent economic difficulties. The President also acknowledged that the IMF is the only institution that can support a struggling country like Sri Lanka, and therefore, if there are alternative proposals to the Government›s program, he is willing to provide the opportunity to submit them to the IMF.

He further criticised political parties for playing games and lying to the people without presenting their proposals. The President reiterated his commitment to continue the program of building the country›s economy despite any obstacles.

The President convened the meeting to provide clarity on the current economic situation of our country and solicit views and suggestions on the steps to be taken towards recovery. 

He said that each nation that experienced an economic catastrophe, recovered after engaging in negotiations with the IMF.  He said that it took Greece 13 years to recover from the collapsed economy though noting he has no hope of being President for 13 years.

“There is only one way to rebuild this collapsed economy. That is the IMF. Different political parties are presenting different stories. I suggested to them to let me know if there is another way to resurrect the collapsed economy,” the President said. “We are prepared to allow those who oppose our policies to meet with the IMF and submit proposals. It remains to be seen whether the IMF will accept those proposals,” he added.

Pointing out that the Parliament is responsible for addressing and improving the state of the economy, the President stressed it was essential for all 225 members of Parliament to come together and work towards a resolution that will help to recover the economy.

“If required, even proposals put forth by political parties such as the Janatha Vimukthi Peramuna, Samagi Balawegaya, Eran, and Harsha could be submitted to the IMF. However, some political parties chose not to submit proposals and instead played political games by misleading the people on this matter,” the President charged. 

He said that the IMF indicates that our tax revenue should be 15% of the Gross Domestic Product as it was in 2019. So far it has gone down to 9%. They have asked us how we expect to get assistance from money collected from the people of other countries as taxes, while we are giving tax relief to our people.”

The President also said the IMF had listed 15 tasks for the Government to complete by 31 December 2022 but that deadline was missed. “Then we made plans to get time until 31 January.  Even at that time, we were unable to complete those 15 points. Finally, the deadline was pushed back to 15 February. By 06:00 p.m. on 15 February, we completed all that was expected of us and sent them to Washington,” the President said. 

He also said that the only pending issue was upward revision in electricity tariff as the IMF insisted that Government taxes should not be used to support institutions. 

“It was informed that if this occurs, the International Monetary Fund will not provide assistance. However, one person in this country opposed the decision to increase the electricity tariff. As a result, receiving assistance from the IMF was delayed by six weeks. Alternatively, we could have completed this by the end of January. All 15 tasks assigned to us have been completed. Now it is up to the IMF,” the President pointed out. 

“If the International Monetary Fund does not provide assistance, the people will have to endure a lot of difficulties,” Wickremesinghe warned. He also said the primary issue facing the country is its economic problem, and addressing it should be a top priority. Ignoring this problem will only result in it becoming more visible and challenging to overcome. Therefore, efforts should be made to work towards resolving the economic problem. 

“We are currently implementing a plan to recover from the economic crisis. We are hopeful that, with collective effort, we can make significant progress and steer the country towards development again by 2024,” the President said.

 

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