President Ranil Wickremesinghe emphasized the imperative of not forgetting the hardships endured in the past due to shortages of essential resources such as medicines, fuel and fertilizers critical for the country.
He called upon all citizens to unite behind the government’s initiative aimed at fostering a new economic transformation in Sri Lanka, ensuring that future generations do not have to face similar challenges.
He stated that the government concluded the second round of discussions with the IMF Board of Directors last week received confirmation that the program guiding Sri Lanka is on the right track.
“Consequently, we have been granted an extension to repay our debts. Currently, negotiations are underway with China to finalize these arrangements.”
Additionally, discussions are on-going with both Paris Club and non-Paris Club member countries, as well as with official creditors’ committees, to reach agreements, he said.
Wickremesinghe said this marks a significant step towards lifting the country out of the crisis it has faced. “However, our journey does not end here. It is imperative that we reflect on the reasons behind our economic challenges.”
The President highlighted this during his address at the 9th General Assembly of the All-Island Private Pharmacy Owners’ Association (AIPPOA), which took place on Friday (20).
The President also extended his appreciation to the All-Island Private Pharmacy Owners’ Association for their steadfastness during the past COVID-19 pandemic and economic crisis, fulfilling their responsibilities to the country.
President Wickremesinghe further remarked:
“I would like to extend my sincere gratitude on behalf of the Government to the All-Island Private Pharmacy Owners’ Association for supplying essential medicines during the recent COVID-19 pandemic. Your proactive response and commitment were crucial during a challenging period when governmental systems faced significant strain.
Furthermore, as per the communication from your association, we are actively engaging to address arising issues and implement necessary actions. It is undeniable that many lives in our country have been preserved due to your dedication. In the past, there were financial constraints hindering access to essential medicines nationwide, yet you remained steadfast. Your unwavering commitment exemplifies the responsibility we expect from every citizen of our nation, a trait unfortunately not always prevalent.
Neither you nor I are unfamiliar with these challenges, but we are collectively dedicated to rebuilding our country to the best of our abilities.
When I assumed leadership of this country, we faced dire circumstances. Foreign exchange was scarce, and funds for essential medicines and fuel were lacking. We were confronted with tough choices, deciding whether to allocate funds for fuel or fertilizers. Opting for fertilizers, we revived agricultural activities, boosting production and ensuring access to medicines and fuel for our people. It was a challenging period, but crucial support from the Indian and Bangladeshi governments enabled us to import medicines and essential food items, sustaining us through the initial difficult 06 months. Subsequently, the nation began to progress steadily.
During this time, there were heart-wrenching moments when people sought medicines without means to pay. You have faced the agonizing choice of denying them medication or providing aid amidst scarcity. These decisions were agonizing, but collectively, they propelled our country forward. Implementing necessary measures, including VAT adjustments, bolstered our revenue streams, strengthened the rupee, and facilitated economic progress. Today, we are advancing as a nation due to the resilience shown during these trying times.
Last week, we concluded the second round of discussions with the IMF Board of Directors. We received confirmation that the program guiding Sri Lanka is on the right track. Consequently, we have been granted an extension to repay our debts. Currently, negotiations are underway with China to finalize these arrangements. Additionally, discussions are on-going with both Paris Club and non-Paris Club member countries, as well as with official creditors’ committees, to reach agreements.
This marks a significant step towards lifting the country out of the crisis it has faced. However, our journey does not end here. It is imperative that we reflect on the reasons behind our economic challenges.
Historically, Sri Lanka has not cultivated a robust export industry despite numerous opportunities. In 1979, during my visit to China, the country was economically less developed than Sri Lanka. Today, China supports us financially. Similarly, in 1991, as Minister of Industry, I met with Vietnam’s Industry Minister, who sought advice on attracting investments, earning foreign exchange, and establishing economic zones. Now, if I were to visit Vietnam, I would seek advice from them.
We have squandered many opportunities. If we fail to rectify this and transition to a new economic paradigm, we risk sliding back into economic turmoil. To prevent a return to those dark days, we have introduced a new economic program for the country.
We must depart from the old system and embrace a new paradigm. Our trajectory should mirror the progress achieved by nations like India and Bangladesh, fostering a competitive economy. Embracing cutting-edge technologies such as Artificial Intelligence (AI) is essential as we envision and build a revitalized nation.”
--PMD
