President Ranil Wickremesinghe emphasized the strength and talent of his team, asserting that they are well-equipped to overcome any challenge facing the country.
Speaking at the 37th Annual Conference of the Organization of Professional Associations of Sri Lanka (OPA) at the Shangri-La Hotel, Colombo this evening (26), the President highlighted the critical role of public support in ensuring the success of the government’s economic recovery program.
President Wickremesinghe outlined his objective of achieving a swift economic recovery for Sri Lanka, noting that substantial progress has been made towards this goal. The President stressed that sustaining this recovery and fostering long-term economic growth require adherence to the agreement with the International Monetary Fund (IMF), describing it as the only viable path to overcoming the crisis. He also acknowledged the significant relief Sri Lanka has received through this agreement.
The annual conference, held under the theme “Towards Sri Lanka’s Sustained Economic Growth,” brought together professionals from various sectors. The OPA, which consists of 52 member associations representing 34 sectors, boasts a membership of over 60,000 professionals.
During the event, President Wickremesinghe was presented with a commemorative gift, and the annual journal of the OPA was also handed over to him.
President Ranil Wickremesinghe further elaborated;
“We’ve been discussing the current situation and the challenges we face with the government. Dr. Nandalal Weerasinghe, the Governor of the Central Bank, has already detailed the circumstances, so I won’t repeat them. His explanation alone highlights the magnitude of the issue. Fortunately, we managed a swift turnaround for two key reasons: first, I had a strong team, including Dr. Nandalal Weerasinghe, that helped stabilize the economy; second, we avoided unnecessary delays and made decisive actions.
I was determined not to let us fall into the trap Greece did, where after reaching an agreement, they held an election and a referendum that rejected the deal, leading to another economic collapse. It took Greece a decade to recover. My goal was a quick recovery, and that’s what we’ve achieved.
To sustain economic growth, it’s vital to adhere to our agreement with the IMF, which wasn’t easy to secure. We negotiated with numerous parties, including the IMF, World Bank, ADB, and a diverse group of creditors. Among them were countries in the Paris Club, as well as India and China, who took different approaches. We had to navigate these complex negotiations.
Despite the challenges, the agreement we reached has led us out of crisis and brought hope for growth and relief to the people. For instance, energy prices have stabilized, and we’re seeing positive results in other areas. Some argue we should change or discard the agreement, but that’s unrealistic. The path we agreed upon with the IMF is the only viable one, and it has provided us significant relief, stretching payments and giving us time until 2042 to adjust.
Transforming our economy from being import-dependent to export-oriented is essential. We’ve passed key laws to support this transition, including the Public Debt Management Act, the Public Finance Act, the Central Bank Act, and the Economic Transformation Act. For the first time, policy is enshrined in law, meaning it cannot be easily changed by shifts in leadership.
We must now focus on transforming our economy from being import-dependent to export-oriented and competitive. Achieving this requires increased productivity, particularly in sectors like apparel, where we must move towards high-end markets and backward integration.
Additionally, we need to modernize agriculture, capitalizing on the growing global demand for food. With 300,000 acres available for cultivation and plans to increase paddy productivity, we can free up land for other crops, driving value addition in agriculture and dairy products.
Tourism is another key area, with plans to double tourist arrivals and increase revenue per night. Expanding logistics, advancing technology-intensive manufacturing, and fostering digitalization, including AI, are also critical. We are establishing four new universities focused on technology to build the necessary human resources.
Ultimately, the challenge lies in making a start. We have the talent, and with the right environment, we can succeed. The decision on which path to take is in your hands, and I trust you will make the right choice.”
--PMD--
