At a significant gathering of Sri Lanka’s professional community, President Ranil Wickremesinghe underscored the critical need for public support in the government’s efforts to revive the country’s economy. Speaking at the 37th Annual Conference of the Organization of Professional Associations of Sri Lanka (OPA) held at the Shangri-La Hotel in Colombo, Wickremesinghe addressed an audience of over 60,000 professionals from various sectors.
Economic Stabilization and Team Efforts
In his address, President Wickremesinghe praised the effectiveness of his team, particularly Central Bank Governor Dr. Nandalal Weerasinghe, in stabilizing Sri Lanka’s economy. He highlighted their rapid and decisive actions, which helped the country avoid a prolonged economic collapse similar to Greece’s experience. The President credited this swift turnaround to the team’s expertise and commitment.
Importance of the IMF Agreement
Wickremesinghe stressed the significance of sticking to the agreement with the International Monetary Fund (IMF). He described the agreement as crucial for both immediate relief and long-term stability, pointing out that it provides significant financial relief and outlines a path for adjustment until 2042. The President detailed the extensive negotiations with international and regional creditors that led to the agreement.
Legislative Reforms for Economic Transformation
The President also highlighted recent legislative reforms designed to support economic transformation. These include the Public Debt Management Act, the Public Finance Act, the Central Bank Act, and the Economic Transformation Act. Wickremesinghe emphasized that these laws are meant to ensure policy stability and protect against abrupt changes due to political shifts.
Shifting Economic Focus and Sectoral Development
Wickremesinghe outlined his vision for transitioning Sri Lanka’s economy from being import-dependent to export-oriented. This includes enhancing productivity in key sectors such as apparel, modernizing agriculture, and improving paddy productivity. The President also discussed plans to boost dairy production and expand tourism, with the goal of doubling tourist arrivals and increasing revenue per night.
Advancements in Technology and Education
The President spoke about the importance of advancing technology and digitalization, including artificial intelligence. He announced the establishment of new universities focused on technology to support these goals. Additionally, he emphasized the need for improvements in logistics and technology-intensive manufacturing.
Public Engagement and Future Prospects
In conclusion, President Wickremesinghe appealed to the public to support the government’s economic strategies. He expressed confidence in Sri Lanka’s potential for success, provided the public backs the recovery efforts and makes the right decisions for the country’s future.
The conference also featured a presentation of a commemorative gift to President Wickremesinghe and the handover of the OPA’s annual journal, marking the event’s significance.
