If Sri Lanka continues to rely on borrowing to address the imbalance between imports and exports, the nation will inevitably confront another economic crisis within a decade, says President Ranil Wickremesinghe.
He also underscored his vision to establish economic stability and expedite the transformation of Sri Lanka into an export-oriented economy.
The President said that a new law is planned to be introduced to parliament in April, alongside another legislation aimed at improving financial governance within the government. These measures are designed to propel the nation’s economy forward.
Wickremesinghe made these remarks during his attendance at the inauguration ceremony of Bodhigara and Golden Fence, constructed near the historic Mangedara Tempita Viharaya in Kegalle on March 20.
The President also noted that negotiations concerning certifying Sri Lanka as a debt-paying country are anticipated to conclude by June and July. He further emphasized that the foreign aid lost due to the country being labelled as bankrupt will be retrieved and returned to the nation.
Additionally, the President highlighted that the country’s economy will receive a boost as the national currency strengthens with the renewed engagement of foreign banks and companies that had previously refrained from conducting business with Sri Lanka.
Reflecting on how all citizens were impacted during the previous economic crisis, the President also stressed that the benefits of the growing economy are meant for everyone, not just a select few.
The President, who visited the historic Mangedara Tempita Viharaya in Kegalle, unveiled a commemorative plaque, inaugurating the new Bodhigara and golden fence, and offered flowers at the Bodhiya.
-PMD
