Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana told Parliament yesterday that JVP Central Committee member Wasantha Samarasinghe has made a life-threatening statement against Hudson Samarasinghe, Chairman of the Sri Lanka Broadcasting Corporation (SLBC).

In a special statement yesterday (23), the Minister stressed that threats to journalists are strongly condemned regardless of which political party they belong to and all political parties including JVP are requested not to make threats in order to hold an election in a free and peaceful manner.

He further said that the threat made by Wasantha Samarasinghe is circulating on the social media where he states that the matter will be taken care of at the election and no room will be left to flee the country or go into hiding.

The Minister further said that if any journalist has been threatened in this way, they should file a complaint with the CID and steps will be taken to provide them with the protection they need.

The minister recalled that Samarasinghe, one of the senior most media communicators in the country, is an experienced media administrator and a former MP, and he is working as SLBC chairman for the sixth time.

The Prime Minister made these comments when Seethawaka Museum was vested with the public on Sunday (21).

Senior Adviser to the President on National Security and Chief of Presidential Staff Sagala Ratnayaka visited the historic Kataragama Sacred site and actively participated in religious rituals yesterday (21).

During his visit, he met with the Chief Incumbent of Kiriwehera Viharaya, Venerable Kobawaka Dhamminda Nayaka Thera, to inquire about his well-being and joined the religious ceremonies at Kiriwehera and received blessings.

He also participated in ceremonies at the Ashta Phala Bodhi and visited other temples, including Kataragama Saman Maha Devalaya, to seek additional blessings. Additionally, he took part in illuminating the historic Kirivehera Chaitya with six-coloured light bulbs.

On the final day of the Kataragama annual Esala Maha Perahara, the sacred casket was ceremonially placed on the ceremonial elephant, Sinharaja, by former President Mahinda Rajapaksa and Sagala Ratnayaka, under the guidance of Kiriwehera Vihara Chief Incumbent Ven. Kobawaka Dhamminda Nayaka Thera.

Mr. Sagala Ratnayaka also engaged in cordial conversations with the devotees present.

State Minister Shasheendra Rajapaksa, Basnayaka Nilame of the Kataragama Devalaya Dishan Gunasekara, and several other notable figures were also in attendance at the event.

The government has planned an island-wide newspaper article competition to educate school students about the Financial Management Bills and the Economic Transformation Bills. This initiative aims to raise awareness and engagement among the youth on these crucial topics.

The theme of the competition is “My Country Developed by 2048 through Formal Public Financial Management and Sustainable Economic Transformation”. Winners and winning schools will receive valuable prizes and certificates.

Eligible participants include students from all government schools, Piriven Institutes, private schools approved by the Ministry of Education, as well as Bhikkus and Bhikkunees. Submissions are accepted in Sinhala, Tamil, and English.

The deadline for applications for this competition, organized by the Presidential Secretariat, the Ministry of Education and the Government Information Department, is on July 31. Detailed information about the competition, including submission guidelines and related bills, can be downloaded from the Government Information Department’s website at https://www.dgi.gov.lk/contact-us/public-finance-management-bill.

President Ranil Wickremesinghe inaugurated the second phase of the flyover project constructed by the Transport and Highways Ministry at a cost of Rs.5,278 million between Kompanna Vidiya and Justice Akbar Mawatha over the railway line yesterday (11).

The Road Development Authority with Maga Engineering completed this project. Transport, Highways and Mass Media Minister Dr.Bandula Gunawardhana, Senior Advisor to the President on National Security and Presidential Chief of Staff Sagala Ratnayaka and Transport and Highways Ministry Secretary Ranjith Rubasinghe were present.

President Unveils “Randora Urumaya” Program to Grant Housing Rights to 50,000 Low-Income Families

Ownership of 130 homes across 31 Apartment Complexesin Colombo District Granted.

President Ranil Wickremesinghe, reflecting on the destruction of his home by fire two years ago, emphasized the importance of having a secure home. This realization prompted him to launch a program aimed at granting full ownership of homes to 250,000 residents living in flats in Colombo.

He highlighted this initiative yesterday (09) during the inauguration of the “Randora Urumaya” housing deed awarding program. In the first phase, 50,000 houses are being provided to low-income families residing in Colombo flats.

During the event, the President symbolically participated in awarding ownership of 130 houses located in 31 apartment complexes in the Colombo district.

As per a concept of President Ranil Wickremesinghe, the 2024 budget proposals introduced the Urumaya program, which aims to provide free land rights to 2 million people and grant full ownership of homes to 250,000 low-income families living in flats in Colombo.

The National Housing Development Authority has paid Rs.150,000 for each of the homes, including flats, that are rented out to low-income earners at Rs.3,000 or less per month. Although the payment has not yet been completed, within a month, 50,000 beneficiary families will receive full home ownership under the first phase. The Authority plans to award title deeds to 1,070 beneficiaries by the end of this year.

President Wickremesinghe further elaborated that through the “Urumaya” program, 2 million people will receive freehold land rights, and 50,000 people will gain full rights to their homes. He emphasized that owning land and a home fulfils the aspirations of the people of this country, and the government is committed to providing as much relief as possible to its citizens.

Addressing the gathering President Ranil Wickremesinge further stated;

Today, we stand united for the people living in Colombo flats to gain full ownership of their homes. This marks the arrival of the “Urumaya” program in the city. We initiated the “Urumaya” program during a time of great hardship for our country, providing as much support as the government could offer.

Our primary focus was on granting rights to the people. Owning land or a house is crucial and represents the hopes of the people. We implemented this program to fulfil those aspirations, successfully achieving it within two years.

Before achieving all this, it was essential to establish economic stability and maintain law and order in the country. Two years ago, there was widespread fear about the future of our country. Today, we have achieved economic stability. Without this, our country could have faced crises similar to Lebanon and Kenya.

We are now working to ensure that the people benefit from this newfound economic stability. In just two years, we managed to lift the country out of bankruptcy. I have long advocated for granting land rights to the farmers of this country, and we, as a government, united to make this a reality.

I truly understood the value of a house when my home burned down two years ago. If the Air Force had come to put out the fire, they would have had to shoot, and I didn’t want anyone to be harmed. As a result, everything in my house, including my books, was destroyed.

This experience deepened my appreciation for the importance of having a home, which inspired us to launch this project to grant people the right to own their houses. We extended the “Urumaya” program to the city, ensuring it wasn’t confined to rural areas. Under this program, 2 million people in villages will receive freehold land rights; while 250,000 families in Colombo will gain home ownership. You must protect and maintain these homes, keeping them nice and clean, and build your future within them. This is a valuable opportunity in your life, and I urge you to make the most of it.

As a government, we are committed to providing as much relief as possible to the people. We are all acutely aware of the hardships faced by our citizens. When I assumed leadership, I believed the country needed a significant change. This change cannot be achieved through slogans, street protests, or petitions. Real change requires purposeful action towards clear goals.

No one expected our country to reach the state it is in today. Through the “Aswesuma” program, similar to the “Samurdhi” grant, we provided triple the benefits to the people. We also increased the paddy production of the country and arranged for low-income families to receive 10 kilos of rice for two months. Additionally, government employees received a salary increase of ten thousand rupees.

We have also focused on developing tourism and agriculture in the country. The “Urumaya” program was implemented to grant freehold land rights to the people, and arrangements have been made to provide ownership of flats to those in need.
Our achievements were possible due to our dedication. Why were previous governments unable to accomplish these tasks? I must extend my gratitude to all the ministers involved. We must continue these efforts together.

We have reached an agreement with our official creditors, including China Exim Bank and private creditors, on how to repay the foreign loans we have taken. As a result, Rs.8 billion has been reduced from our debt obligations, and we have been given until 2042 to repay the remaining debt. We must move forward with this plan. I believe no one wants to revert to the old ways. If we fail to uphold our agreement with the International Monetary Fund (IMF), we will face even greater difficulties as a nation. We cannot remain perpetually in debt; therefore, we must transition to an export economy to generate income.

We must accomplish these two goals and ensure no one derails our efforts. Your future is in your hands today.

Additionally, we need to create employment opportunities for the youth. An expert committee has been appointed to address salary discrepancies among government employees.

I have also instructed the Treasury Secretary to implement a program to provide relief to retirees. Funds should be allocated by the end of this year to support these individuals. The government aims to maintain low interest rates in the future. For business development, bank interest rates need to be kept low. However, lower interest rates can disadvantage pensioners, so I have directed the Treasury Secretary to develop a program to address this issue.

We have a long journey ahead to secure a better future for your children. We must build the society that future generation’s desire. I believe that granting rights to the people today is one of the best steps we can take towards that goal.

David Sislen, the newly appointed World Bank Country Director for Sri Lanka, Nepal and Maldives met President Ranil Wickremesinghe at the Presidential Secretariat yesterday (4). The President had a cordial discussion with the World Bank team. Vice President for the South Asia Region, Martin Raiser; Country Manager for Maldives and Sri Lanka, South Asia, Chiyo Kanda and Senior Advisor to the President on Economic Affairs, Dr. R. H. S. Samaratunga attended the meeting.

Cabinet Decisions - 2024.07.01

Minister of Transport, Highways, and Mass Media, Dr. Bandula Gunawardena, emphasized that deviating from the current government’s economic program under President Ranil Wickremesinghe’s leadership would inevitably lead to the country’s collapse once more.

Therefore, the minister stressed that the time has come for all citizens to support the continuation of the current economic program.

The Minister of Transport, Highways, and Mass Media, Dr. Bandula Gunawardena, made this statement during a news conference at the Presidential Media Centre (PMC) today (01), under the theme ‘Collective Path to a Stable Country’.

The Minister further commented:

A special debate on foreign debt restructuring will be held in Parliament on July 2 and 3. In the past, the Treasury lacked dollar reserves, making it impossible to pay debt instalments. There were shortages of fuel and gas, leading to long queues. Society became filled with hatred, and the entire country was overcome with turmoil.

At a time when no one else stepped forward to take charge, President Ranil Wickremesinghe, with his extensive experience as a Prime Minister and seasoned politician, accepted the challenge and initiated a program to stabilize the country. His first action was to approach the International Monetary Fund (IMF) and negotiate a comprehensive loan agreement, making significant efforts to ensure its success. Although the country had previously approached the IMF 16 times, President Wickremesinghe had to personally undertake energetic efforts to secure the loan facility.

As a result, a comprehensive loan agreement with the International Monetary Fund was secured, extending until the year 2027. Under this agreement, our country began to rely heavily on these loans. Given our reliance on imports and our lack of self-sufficiency, it’s imperative to maintain international trade relationships for goods. Regardless of the political leadership, these deals hinge on international recognition and adherence to global norms. Thanks to the comprehensive credit facility agreement, we secured annual imports until 2027.

Looking ahead, the budget for 2025 must be drafted in the coming months. Approval of this budget is crucial for disbursing salaries to public servants, pensions for senior citizens, and social welfare benefits like Samurdhi and Aswasuma to the needy. Without the support of the International Monetary Fund, a budget cannot be prepared beyond 2027.

The International Monetary Fund will provide US $700 million for the 2025 budget, with an additional US $400 million from the World Bank (WB) and US $300 million from the Asian Development Bank (ADB). It is anticipated that another US $3,655 million will be received as debt relief when preparing the budget document for next year. This funding structure is essential for meeting obligations such as salaries, pensions, and subsidies for public servants, regardless of the governing administration.

These debt relief projections are speculative and extend into 2027. By that year, despite efforts to minimize budget gaps, a deficit of US $3,911 million is forecasted. Under the comprehensive credit facility, US $629 million, including US $600 million from the International Monetary Fund, US $300 million from the World Bank, and US $300 million from the Asian Development Bank, are allocated for budget preparation. Nonetheless, there remains a shortfall of US $1.5 billion to prepare the 2027 budget.

To cover this deficit, our country must access the international market. Presently, global market conditions restrict the issuance of Sri Lanka’s sovereign bonds, which can only be pursued in 2027. To issue such bonds successfully, our foreign reserves need to reach US $14 billion by that time, a target that currently stands at US $5.5 billion. Despite these challenges, a structured annual program has been developed to address these financial requirements.

While the government is implementing such a program, the President is making agreements with foreign countries. There is no hidden agreement or program. The President has also presented all the information to the Parliament.

In that context, no one can run a government apart from this prepared economic program. It must be said that if someone dreams of governing outside of this economic program, the country cannot be prevented from collapsing again.

Therefore, we need everyone’s support as a country to continue implementing these agreed programs to create an environment where the unborn children who love this country can rise as a nation and live in a developed country. Also, it must be said that if anyone opposes the debate in the Parliament regarding the extended credit facility, they will go down in history as traitors.

The Chief Prelate of the Kotte Sri Kalyani Samagri Dharma Maha Sangha Sabha and Chancellor of the Sri Jayawardenepura University, Aggamaha Pandita Most Venerable Dr. Ittapane Dhammalankara Maha Nayaka Thera, stated that President Ranil Wickremesinghe is the sole leader capable of rebuilding Sri Lanka’s economy and advancing the nation. The Maha Nayaka Thera emphasized that the President’s program merits the blessings of the entire Maha Sangha.

The Maha Nayaka Thera made these remarks during President Wickremesinghe’s visit to Rukmale Sri Dharma Vijayaloka Maha Viharaya, Kottawa yesterday evening (27).

Upon arriving at the temple, President Wickremesinghe first participated in religious rituals to receive blessings. He then visited the Maha Nayaka Thera, inquiring about his health and engaging in a cordial discussion. Additionally, the President reviewed the temple’s development activities.

During the conversation, President Wickremesinghe updated the Maha Nayaka Thera on the current economic and financial progress in Sri Lanka. The president stressed the need to steer the country on a new path to prevent future crises, committing to work dedicatedly towards this goal in the coming years.

The President gratefully recalled the Maha Nayaka Thera’s invitation to assume the presidency during the county’s period of disaster, expressing his determination to stabilize the economy swiftly. President Wickremesinghe acknowledged the support of those willing to stand for the country, noting that achieving economic stability in a short period was a unique victory for Sri Lanka, especially compared to other countries facing similar crises.

Addressing the strike by teachers’ unions over unreasonable demands, the President asserted that the education of the country’s children must not be disrupted. President Wickremesinghe warned that if strike actions are not halted, stringent measures would be taken in the future.

The event was attended by Viharadhikari of the Kottawa Rukmale Sri Dharma Vijayaloka Maha Viharaya Ven. Pelawatte Punyarathana Thera, along with members of the temple Dayaka Sabha (Donor Committee).

• While some are struggling for the presidency, I struggle for the nation.
• The child, referred to as Mother Lanka, was safely carried across the perilous vine bridge.
• Just like in the story of the ‘Caucasian chalk circle’, those who provided no support in protecting the child are now fighting for the child’s rights.
• We are all aware of the risks associated with choosing the wrong path. Individuals have the right to make informed decisions.
• Having assumed leadership of the country unconditionally, I possessed only the conviction and a strategic plan to rescue the nation from its economic crisis.
• In recent history, no country has accomplished such a remarkable victory in such a brief span.
• Those who attempted to hinder this journey will one day face disgrace before their children for betraying their country.

President Ranil Wickremesinghe emphasized that a final agreement was concluded with Sri Lanka’s main official bilateral creditors in Paris, this morning (26), marking the end of debt restructuring negotiations with the Official Creditors’ Committee (OCC). Simultaneously, a final agreement was also reached with China’s Exim Bank in Beijing, along with related formal procedures.

President Wickremesinghe highlighted that these developments are good news for all patriots of the country. He underscored his commitment, contrasting those focused on presidential ambitions with his dedication to the nation’s progress, emphasizing that his aspirations lie in advancing the country rather than personal positions.

President Ranil Wickremesinghe made this statement delivering a special address today, (26).

The President affirmed that he successfully led Mother Sri Lanka across the perilous vine bridge, fulfilling his commitment to the people. Similar to the tale of the ‘Caucasian chalk circle’ (‘Hunu Wateye Kathawa’), those who hesitated to safeguard the child in challenging times and offered no support are now vying to assert the child’s rights before the journey’s completion. He emphasized his continued dedication to this cause.

The President, who declared it a triumph for a country once deemed bankrupt due to its inability to pay its debts, further noted that no other country in recent history has emerged from such an economic abyss so swiftly.

“The people must determine whether to move forward with me, as I truly comprehend the challenges facing the country, provide practical solutions, and demonstrate tangible results, or align with groups that have yet to grasp the issues and are blindly seeking power,” the President stated.

The President stated that the people have the full right and freedom to make their own decisions, as everyone understands the dangers of taking the wrong path. He emphasized that the decision made by the people will determine the future of the country and its children, not the future of Ranil Wickremesinghe.

The President also remarked that he did not recover a bankrupt and economically devastated country with a parliament controlled by his party, government officials appointed by him, or a cabinet selected by him. Instead, he was able to elevate the country to an alluring and stable level, surprising the world in just two years.

Following is the special statement delivered by the President,

Today marks a significant milestone in the recent history of our country, a special juncture reflecting the hard work and dedication of our efforts. Our country is now reaping the positive results of our persistent endeavours over the past years.

This morning in Paris, Sri Lanka reached a final agreement with our official bilateral creditors. Similarly, we signed another agreement with China’s Exim Bank today in Beijing. This is indeed encouraging news for those who genuinely care about our country’s welfare.

Sri Lanka won….!!

Over the past two years, we have worked diligently to reach agreements with our bilateral creditors, engaging in extensive discussions. The economic progress we have achieved has provided us with considerable strength in these negotiations.

I extend my gratitude to our creditors, including China and Exim Bank of China, India, Japan, and France, who co-chair the Official Creditors Committee. I also thank the other members of the committee and the Paris Club Secretariat for their support in making these negotiations successful.

Additionally, I would like to acknowledge the representatives of Sri Lanka and other countries who participated in these discussions, as well as the officials from Lazard and Clifford Chance for their valuable advice.

With these agreements, we will be able to defer all bilateral loan instalment payments until 2028. Furthermore, we will have the opportunity to repay all the loans on concessional terms, with an extended period until 2043.

In 2023, we successfully completed the restructuring of domestic debt. Now, we have also successfully concluded the bilateral debt restructuring with foreign countries. Our next objective is to reach an agreement with commercial creditors, which includes International Sovereign Bond (ISB) holders. By continuing on our current path, we are confident that we can achieve this agreement, and discussions are on-going.

The agreements we reached today will provide significant relief to our economy. In 2022, we spent 9.2% of our gross domestic product (GDP) on foreign debt payments. With the new agreements, it will pave the way for us to maintain debt payments at less than 4.5% of GDP between 2027 and 2032.

The government’s annual gross fiscal requirement was 34.6% of GDP in 2022. Due to these agreements, this requirement will decrease by more than 13% by the period of 2027-2032.

In April 2022, Sri Lanka officially declared its inability to meet its debt obligations. Following this declaration, international business transactions with Sri Lanka came to a halt. No country is willing to engage in financial relations with a nation that is bankrupt and unable to pay its debts. Consequently, we were unable to secure loans or even obtain letters of credit.

Against this backdrop, all projects in our country funded by foreign loans were halted. The countries involved closed their project offices and withdrew. Consequently, development work came to a complete standstill. However, now that we have achieved a crucial milestone in debt restructuring, there are legal opportunities for these countries to resume all projects funded by foreign loans. Projects such as the development of Katunayake Airport, the light railway, and the expressway are set to recommence. Moreover, we can look forward to initiating many new development projects.

International confidence in our country is reaffirmed as bilateral creditors have reached an agreement with us, serving as a kind of international endorsement. The global community, which previously refused to accept our letters of credit, is now prepared to grant us a certificate of confidence.

We are presenting both agreements to Parliament. Our Prime Minister will introduce these agreements in a special parliamentary session on July 02nd. I urge all patriotic members of Parliament to ratify these agreements.

The journey to this point has not been easy. We have travelled a difficult and arduous path. Our ministers and officials have worked tirelessly towards this goal. The majority of our citizens have supported us with patience and resilience, enduring various hardships. Despite the on-going challenges, we have persevered.

A few individuals attempted to disrupt our progress and continue to do so, but they have not succeeded in halting our journey. In the future, these detractors will face the shame of having betrayed their country.

As our economy improves, we have provided concessions in a manner that does not harm our economic stability. This approach will continue. By following the correct path, as our economy strengthens, we can gradually alleviate current difficulties. The burden we carry can now be incrementally reduced. Strikes and threats will not resolve these issues. By uniting to strengthen the economy, we will find solutions and obtain further concessions.

When we assumed responsibility for the country two years ago, I emphasized that we had a very challenging path ahead. I made it clear that these problems could not be resolved within a week, a few months, or even a year. Using the metaphor from the play “The Caucasian Chalk Circle”, I illustrated that we had to navigate a precarious journey across a metaphorical fallen vine bridge over a terrifying, bottomless chasm.

At that time, our country’s economy was in a dire state. Many were hesitant to step forward to help rescue the nation. There was fear and reluctance. Some said, “You need more than just effort to treat this situation.” One faction stated they would take charge only if given control of the entire government. Another group said they would accept if allowed to appoint their own people to the cabinet. Others indicated they would accept the presidency if it were offered to them.

Despite these conditions, I accepted the challenge without any preconditions. I believed in my ability to save our country and its people from the economic abyss. I had a comprehensive work plan and a deep understanding of the strategies that other nations had employed to emerge from similar crises. Furthermore, I had faith that with my planned policies and dedication, the economy could be revitalized.

I was confident that I could garner international support for our recovery efforts.

That was all I had. I had no Members of Parliament. I did not have my own cabinet. I did not have a government to call my own. Despite these challenges, I accepted the daunting task.

At that critical juncture, I recalled a quote from the renowned creator Walt Disney: “The way to get started is to quit talking and begin doing.” Without hesitation, I got down to business.

On August 3, 2022, during the opening address of the parliamentary session, I unveiled to the nation a four-step plan to reconstruct the faltering economy.

1. Securing extended credit facilities in consultation with the International Monetary Fund and instituting fiscal discipline nationwide.
2. Collaborating with international financial and legal experts from Lazard and Clifford Chance to formulate a debt stabilization plan and negotiate agreements with creditors.
3. Implementing policies, regulations, and initiatives to attract foreign investment, bolster the export economy, and promote a digital green economy.
4. Aiming to transform into a developed nation with a debt-free advanced economy by 2048 through this comprehensive program.

Throughout this process, I consistently presented detailed updates on our strategic roadmap to Parliament, ensuring transparency in every step. The successful advancement of the first three components of our four-pronged program validates the correctness of our approach and strategy.

Achieving such significant progress within two years, from a state of debt inability and near-bankruptcy, marks a remarkable milestone. Historically, countries facing economic crises similar to ours have taken much longer to achieve such positive outcomes. This achievement stands as a testament to our dedication and the effectiveness of our initiatives.

We possessed a clear understanding of the depth of the economic crisis we faced and were equipped with the appropriate solutions guided by vision, determination, and unwavering commitment. As a result of our resolute efforts, it is now evident that we are on course to achieve our fourth objective: transforming into a developed country by 2048.

Reflecting on the state of our nation in 2022, which was grappling with severe economic challenges, what is the present status?

• After six consecutive quarters of economic contraction, our economy began to grow again starting from the third quarter of 2023.
• Our foreign reserves, which had plummeted, have rebounded to USD 5500 million by April 2022. The strength of the rupee has increased, and bank interest rates have declined.
• Inflation, which had soared to 70 per cent in September 2022, has now been reduced to a manageable 0.9 per cent.
• We have achieved a surplus in the primary account balance, and for the first time since 1977, a current account surplus has been achieved in our foreign account balance. These milestones underscore our successful navigation away from bankruptcy through effective economic management.

The recognition and support received from our official creditors for restructuring our debt have reinstated international confidence in our nation. This reaffirms that the path we have charted is not only correct but also endorsed internationally.

On that occasion, I extended an invitation to all political parties and groups to prioritize the national interest and support the program I presented to Parliament. While some political parties have responded positively and joined me in this collective effort, others have chosen to criticize. It is pertinent to address these criticisms.

During President Gotabaya’s tenure, those who previously insisted that the IMF was the only solution are now asserting that the IMF should not be approached. Those who argued that economic improvements were futile amidst public suffering are now promising extravagant benefits upon assuming power.

Certain individuals engage in populist or partisan rhetoric, displaying a limited understanding of economic and political dynamics beyond elementary levels. Despite my consistent efforts to highlight the gravity of our challenges and propose solutions since assuming office, some individuals still fail to grasp the seriousness of our situation.

Since assuming leadership, I have implemented numerous measures to rebuild our nation. It has taken nearly two years for some to acknowledge the wisdom of those decisions. It may require additional time for them to recognize the validity of the current steps I am undertaking.

Nevertheless, those who persist in empty rhetoric will continue to do so. Allow me to clarify an important point: Sri Lanka has sought IMF assistance on sixteen previous occasions, each ending in failure. Why? We consistently failed to meet the conditions set, neglected our commitments, and lacked financial discipline.

This marks the first instance in our nation’s history where an IMF program has been successfully implemented. Previously, in sixteen instances, we approached the IMF not from a position of inability to repay debts, but as a country facing bankruptcy. Leading this successful endeavour to seek assistance fills me with satisfaction.

However, our journey does not end here; this is only a juncture in our journey. We should start anew from here. We have received international assurances and we have once again gained international trust. We should make use of this and forge ahead towards a developed economy. We should achieve complete success, ensuring that our country never again finds itself in need of IMF support. This objective drives our efforts to establish a robust and disciplined advanced economy that can sustain itself independently.

To achieve this, my cabinet, our government, and I are diligently working and demonstrating tangible results. In contrast, some critics from various political groups appear more focused on gaining power. These groups, eyeing future electoral victories, have already envisioned presidential appointments and speculated about cabinet compositions. Reports suggest some individuals are even contemplating familial succession within ministerial positions.

How many among these aspiring leaders have misled the nation with false promises and press conferences? The falsehoods propagated about the accomplishments I highlight today are now exposed for what they are—a fabrication.

Why do they react with such disdain to our nation’s achievements? Why do they view good news for the country as inauspicious? Why do they seek to capitalize politically on every development? Their actions reveal a culture of opportunism, driven solely by ambitions for personal gain and political positioning.

While they vie for presidential positions, we remain steadfast in our commitment to the country’s development and progress. Their dreams revolve around titles and accolades; ours are anchored in advancing the nation.

They strategize to divide ministries; we strategize to advance the nation. They traverse Sri Lanka seeking power, visiting schools and traveling the world in relentless pursuit of authority. Meanwhile, I dedicate my days and nights to serving the country, addressing the needs of our people, and launching economic strengthening programs. I engage globally to garner international support for our nation’s development.

Given this context, I pose a crucial question: Will you move forward with me, who comprehended the problem from its inception, offered practical solutions, and delivered results? Or will you align with those grappling in the dark, still struggling to grasp the issues?

Will you stay the course towards a brighter future for yourself and the nation? Or will you opt for a different path?

We are all aware of the perils of veering off course or choosing the wrong path. Therefore, make the right decision. You have the full right and freedom to make that choice.

The future does not merely belong to Ranil Wickremesinghe; it pertains to the country, to your future, and the future of our children. In just two years, without a parliamentary majority, without my appointed government officials or ministers, I successfully elevated our country from bankruptcy and economic turmoil to a position that astonished the world.

Consider this reflection: Two years ago, as we walked down the street, what did we see? Today, as we walk down that same street, what do we see now? I made a promise that day, and I have safely guided the child named Mother Sri Lanka through treacherous waters. What has transpired since then?

Much like the tale of The Caucasian Chalk Circle, those who once hesitated to shield the child during difficult times, those who offered no support, now clamour to claim the child’s rights. Even before we have crossed the perilous vine bridge, they vie to seize the child, tugging in every direction.

Yet, as we know from the Caucasian Chalk Circle, the rightful claim to the child belongs to the true mother. In the words of Grusha from the play: Things should belong to those who do well by them, Wagons to good drivers that they may be well driven…

Therefore, akin to Judge Azdak in Hunuwataya (The Caucasian Chalk Circle) drama, I urge you to make the right decision. Let the deserving receive their due. Let our country stride confidently towards a brighter future.

Thank you.

• Some individuals are accustomed to taking every issue to court.
• The development of the country cannot be achieved through constant litigation; it must be driven by a cohesive national policy – The President remarks at the Opening of the International Industry Expo 2024.

President Ranil Wickremesinghe announced the establishment of a new development bank aimed at providing financial support to industrialists in Sri Lanka. This initiative will offer industrialists the opportunity to obtain loans at low interest rates.

Additionally, the President revealed plans to set up an Economic Commission to oversee these activities. A new institution, “Enterprise Sri Lanka,” will also be created to empower small and medium-sized entrepreneurs.

President Ranil Wickremesinghe made this announcement during the inauguration of the International Industry Expo 2024, the first event of its kind in Sri Lanka.

Organized by the Industrial Development Board under the guidance of the Ministry of Industry, and with the support of Industries and Health Minister Dr. Ramesh Pathirana, the exhibition will run from today until June 23 at the Sirimavo Bandaranaike International Conference Hall.

Over a thousand international industrial entrepreneurs from various countries, along with local large-scale and medium-scale industrialists, are participating in this event. The expo features 1,307 exhibition booths, with the special inclusion of a separate green industrial zone for the first time. Additionally, an experimental academic conference on green industrialization will be held during the exhibition.

President Ranil Wickremesinghe inaugurated the International Industry Expo 2024 by cutting the ribbon and the President engaged in a tour of the exhibition.

In his address, the President remarked that some individuals have become accustomed to taking every development initiative to court. He emphasized that such actions hinder progress and stressed that the country can only be developed through a consistent national policy.

President Ranil Wickremesinghe’s complete speech is outlined below,

Minister of Industries and Health Ramesh Pathirana is diligently spearheading the development of the industrial sector in the country, with the industry exhibition being a significant initiative under his stewardship. It stands as the largest exhibition in the country.

We were once a bankrupt nation. However, in the coming weeks, we anticipate shedding this label entirely. Negotiations for the related agreement are also slated for completion in the near future, facilitating smoother dealings with private creditors. These achievements have been realized over the past two years.

Yet, we must not rest on these achievements. Our focus must now shift to debt repayment strategies, as we aim to settle outstanding loans over an extended period, ideally extending until 2042.

Given that we are primarily an import-based economy, we continually need foreign exchange to cover these imports. Without sufficient foreign exchange reserves, we are compelled to resort to taking loans. However, this practice can potentially lead to another economic crisis within the next 15-20 years. Hence, our current focus is on transitioning to an export-oriented economy.

In this shift towards an export-oriented economy, the manufacturing sector plays a pivotal role. This sector needs to evolve into a competitive and digital economy, aligned with our goal of achieving zero carbon emissions and fostering a green economy. These initiatives must guide our efforts moving forward.

Our immediate priority is to enhance the competitiveness of existing industries through strategic plans. Achieving competitiveness cannot happen overnight; neighbouring countries like India, particularly in states such as Tamil Nadu, Telangana, and Andhra Pradesh, have made significant strides in industrial development. It is crucial for us to align and collaborate with these developments. Furthermore, we aim to engage with other global partners to advance these objectives.

Therefore, our primary objective is to ensure our industries attain competitive capabilities. The government is committed to providing all necessary support to facilitate this transformation.

We are currently exploring the establishment of a development bank to facilitate the required funding for this initiative. Back in 1960, we established the DFCC Bank, followed by the founding of the NDB Bank in 1980. Post-privatization, both banks have evolved into major commercial entities in our country. Notably, without these banks, President Premadasa’s success with 200 garment industries would not have been possible. Hence, there is a strong need to initiate a new bank.

This new bank aims to maintain low interest rates. Additionally, an economic commission will be instituted to advance these initiatives. Furthermore, we plan to introduce a new entity called Enterprise Sri Lanka to support small and medium-scale entrepreneurs. This institutional framework is designed to assist all industrialists across the country. We aim to progress steadily along this path over the next 5-10 years.

Furthermore, our policy aims to explore opportunities for production in countries like Bangladesh and Myanmar in the future. Concurrently, we are actively collaborating with India on these endeavours. I have already discussed this with Prime Minister Narendra Modi and anticipate further discussions with the Indian Foreign Minister tomorrow. Our cooperation with India will focus on solar and wind power, as well as acquiring green hydrogen. We aim to leverage these advantages, potentially even in the North Sea. As the first step Adani Company has initiated its presence in Sri Lanka. Embracing this new direction is imperative.

However, it’s observed that some individuals in our country resort to legal action for every issue, primarily benefiting lawyers. It’s imperative to understand that litigation alone cannot foster national development; instead, we must adhere to our national policies. I have instructed the Minister of Industries to initiate discussions and formulate a new program to advance industrial growth. We intend to present the Economic Transformation Law to Parliament to reinforce these initiatives.

Minister of Industries and Health Dr. Ramesh Pathirana,

The year 2022 posed significant economic challenges for Sri Lanka. However, I commend all industrialists in the country for their perseverance in advancing the industry despite numerous obstacles. They deserve recognition from the nation for their efforts. During his tenure as Minister of Industry, the current President played a pivotal role in the development of Sri Lanka’s industries. He demonstrated strong commitment by establishing garment factories and facilitating free trade agreements to promote the industrial sector.

Currently, Sri Lanka’s exports are predominantly focused on garments and products related to the plantation industry. Nevertheless, this exhibition highlights the vast potential for our country to progress in diverse sectors such as food technology, pharmaceutical production, packaging, and car assembly. As a nation, we must harness and further develop these strengths. It is noteworthy that the President is actively prioritizing this area of development.

State Ministers Prasanna Ranaweera and Chamara Sampath Dasanayake, along with Members of Parliament Vajira Abeywardena and Sampath Athukorala, Secretary of the Ministry of Industry Shantha Weerasinghe, Secretary of the Ministry of Health Palitha Gunaratne Mahipala, Chairman of the Industrial Development Board Dr. Saranga Alahapperuma, Director General of the Industrial Development Board H. M. S. Samarakoon, Western Province Governor, Marshal of the Air Force Roshan Gunathilake, were joined by a group of foreign Ambassadors, High Commissioners Chairmen of the Industries and officials from sponsoring companies at the event.