Last Update: February 05, 2023, 23:23 IST
Wickremesinghe presided over the ceremony which included a military parade with a 21-gun salute. (File photo: Reuters)
President Wickremesinghe made these comments in a series of tweets a day after Sri Lanka celebrated its 75th Independence Day
Sri Lankan President Ranil Wickremesinghe said on Sunday that he was fixing the debt-ridden country’s economy by treating the “root cause” of the ailment and not by giving “pain relievers”, stressing that the need for economic reforms There is a need for systematic change and national unity in combination to achieve prosperity.
President Wickremesinghe made these comments through a series of tweets a day after Sri Lanka celebrated its 75th Independence Day.
Sri Lanka was hit by an unprecedented financial crisis last year due to a severe shortfall in foreign exchange reserves, sparking political turmoil in the island nation that led to the ouster of the all-powerful Rajapaksa family.
“I am not treating a superficial condition with painkillers. I am treating the root cause of the malaise,” Wickremesinghe tweeted. No citizen will die in queue or starve.”
From April to July last year, Sri Lanka was rocked by chaos, with miles-long queues at fuel stations and thousands of angry residents blocking roads.
The Sri Lankan government in May last year declared a debt default of over USD 51 billion in foreign debt – a first in the country’s history.
“Despite the obstacles, I will continue with the reforms. If we work in a united and planned manner, we can become a developed country by 2048. True freedom can be achieved and it is our collective responsibility to build a new nation where our children can compete with the rest of the world.
In another tweet, he said, “As we celebrate the 75th anniversary of our independence and honor those who worked hard for the freedom of the country, let us focus on getting back the lost freedom today.”
Wickremesinghe lamented that politicians borrowed for consumption and not investment, which was the reason for the downfall of Sri Lanka’s economy. He didn’t name anyone.
The resignations in July by President Gotabaya Rajapaksa and his elder brother Prime Minister Mahinda Rajapaksa amid massive anti-government protests in May 2022 fell short with the formation of a government led by his ally Wickremesinghe.
As the country’s finance minister, Wickremesinghe, 73, has been tasked with stabilizing the economy and restoring the financial health of the economy, which has already been badly hit by the pandemic.
“We must modernize the economy and open it to the world. The corrupt political factionalism that cheats the people and makes them dependent and poor forever must be changed. This is the “system change” the youth are demanding and why we embark on a new path of reforms,” he tweeted.
Sri Lanka’s president said the country cannot be satisfied with strengthening the economy, but called for restarting the entire system.
“The issues faced by the people in the north and east are being resolved. We are taking measures for maximum division of power in a unitary state. However, we will never agree to the division of this country.”
Sri Lanka’s overall economic growth was minus 11 percent in 2022 and could be 3.5 to 4 percent this year, President Ranil Wickremesinghe said last week, as the island nation overcomes its worst economic crisis since independence. worked hard to do.
Wickremesinghe said the ongoing negotiations with global lender IMF for a bailout of $2.9 billion was crucial.
“If the IMF program is disrupted in any way, nothing can stop the country from falling again into a crisis similar to the one in May and June last year,” he said.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)