President Anura Kumara Dissanayake declares Sri Lanka will achieve economic sovereignty by 2028, unveiling bold public sector reforms, debt repayment goals, and IMF collaboration during a major address in Colombo.
Sri Lankan President Anura Kumara Dissanayake has made a bold declaration that the country will stabilize its economy and be in a position to settle all foreign debts by 2028. Speaking at the Shangri-La Hotel in Colombo at the conference titled “Sri Lanka’s Road to Recovery: Debt and Governance”, the President outlined sweeping public sector reforms, a stern stance against corruption, and the government’s economic strategy.
The forum was attended by high-level officials including IMF Deputy Managing Director Dr. Gita Gopinath and Sri Lanka’s Central Bank Governor Dr. Nandalal Weerasinghe, where the nation’s debt restructuring progress and future with the Comprehensive Credit Facility (CCF) were extensively discussed.
President Anura emphasized that sovereignty is not only about political boundaries but also about economic independence, and noted that Sri Lanka’s crisis stemmed from years of mismanagement, bloated institutions, and a culture of systemic corruption.
Despite achieving superficial stability through debt restructuring, currency stabilization, and increased foreign reserves, he acknowledged that the deep-rooted wounds of economic collapse remain unhealed. True recovery, he stressed, demands structural reform.
A major component of this transformation includes shutting down non-essential state institutions and merging redundant ones. President Anura stated that many institutions created for outdated socio-economic conditions no longer serve a purpose and that consolidation is inevitable to reduce the massive burden of public expenditure.
He also addressed widespread public sector inefficiency, bribery, and corruption, calling out recent scandals involving the police, prisons, motor traffic, and immigration departments. He argued that these systemic failures contributed directly to the crisis and promised a crackdown on unethical practices.
Highlighting essential services like the Electricity Board and the Ceylon Petroleum Corporation, the President said these must be managed with partial state control, but not at the cost of the public. He called for cost-reflective pricing in utilities and vowed to lower production costs without hurting the most vulnerable communities.
Anura stressed the importance of targeted subsidy programs to support low-income and marginalized groups, including the elderly and disabled. These, he clarified, will not be politicized, but executed through transparent mechanisms under a philosophy of social justice.
Turning to the broader economy, the President emphasized the need to attract foreign direct investment (FDI). He noted that Sri Lanka historically failed to do so, especially in comparison to regional peers, and will now offer investment incentives and collaborate closely with the IMF to enhance investor confidence.
He also called attention to the collapse of small and medium enterprises (SMEs) due to the recent economic crisis. He proposed targeted relief packages to revive domestic industries, which he said are the backbone of national production.
Additionally, President Anura highlighted the severe economic exclusion of rural communities, urging that any genuine development plan must incorporate rural integration. He noted that growth concentrated in urban data fails to reflect the suffering of millions and pledged to launch rural empowerment initiatives.
The President acknowledged the support of the IMF and thanked citizens for their tolerance during economic sacrifices. He expressed hope that this current IMF arrangement would be Sri Lanka’s last, asserting that the country can build the necessary growth to stand on its own feet by 2028.
In closing, he underscored that economic recovery is not optional if Sri Lanka hopes to reclaim full national sovereignty. He called on the public, government officials, and political leaders to work together in a unified, relentless effort.
“There is a strenuous exercise underway, and it will not be abandoned,” he declared.
