Ranil promises thriving economy under “Sri Lanka Can” program

Thursday, 19 September 2024 00:00 - - {{hitsCtrl.values.hits}}

Says SL is on the verge of officially eliminating its bankruptcy status
Emphasises that his administration has made significant strides towards economic recovery
Claims while economy has stabilised it will take two to three more years to ensure lasting recovery

At his final campaign rally held in Central Colombo, President Ranil Wickremesinghe announced yesterday that Sri Lanka is on the verge of officially eliminating its bankruptcy status. Speaking with confidence, the President revealed that the Government has secured an agreement with a third group of private bondholders to further stabilise the country’s financial future.

He said the agreement will be signed today paving the way for Sri Lanka to be declared free from bankruptcy.

Wickremesinghe, running in the 21 September Presidential election, emphasised that his administration has made significant strides towards economic

recovery.

“I have completed the first phase of recovering Sri Lanka from bankruptcy,” he said, referring to his negotiations with major global financial institutions like the International Monetary Fund (IMF), World Bank, and Asian Development Bank, which helped restructure the country’s debt.

“We have reached an agreement with 17 countries and started discussions with China to manage our debts. The private bondholder deal will be finalised tomorrow, and in two weeks, the IMF will declare Sri Lanka officially free from bankruptcy,” Wickremesinghe told the crowd, positioning this as a cornerstone of his candidacy.

Acknowledging the challenges ahead, the President called on voters for their continued support. “While the economy has stabilised, two to three more years are required to ensure lasting recovery. If a new economy is not created, the country could again face financial collapse. On 21 September, I ask for your mandate to continue the work we have begun,” he urged.

Wickremesinghe warned that failure to honour the agreements already in place could jeopardise the progress made. “If we alter these agreements as some parties suggest, the flow of international funds will stop, and we will not be declared free from bankruptcy,” he said, highlighting the importance of political stability for sustained economic recovery.

The President also pointed to positive economic developments under his administration, such as the stabilisation of the Sri Lankan rupee and the reduction in commodity prices. Government salaries have been increased, and relief measures, including a threefold allowance, were provided. He pledged that further improvements in the cost of living are on the horizon as the country continues its slow but steady recovery.

Looking ahead, Wickremesinghe outlined plans to modernise tourism and agriculture, create investment zones, and generate jobs. “If we do not take these steps now, we will face serious issues in the next five years. But with the “Sri Lanka Can” program, we will create a thriving economy,” he stated, reaffirming his commitment to long-term economic reform.