President Ranil Wickremesinghe emphasized that he has not deviated from the principles of the democratic socialist system in Sri Lanka.

He noted that two key objectives have been incorporated, ensuring that all citizens have an adequate standard of living and promoting rapid development across the country through public and private economic activities aimed at social objectives and the public good.

President Wickremesinghe highlighted that the recently submitted Economic Transformation Bill is designed to achieve these ambitious goals within the framework of the constitution. He asserted that this legislation underscores his adherence to constitutional principles, thereby countering any accusations of unconstitutional actions.

The President made these remarks during his keynote address at the inaugural session of the 45th “SAARCFINANCE” Governors’ Meeting and Symposium held yesterday (13) in Colombo.

President Ranil Wickremesinghe noted that several countries in the region have recently held elections, resulting in the formation of new governments. He remarked that Sri Lanka is also approaching an election, which will be pivotal in determining the country’s future trajectory.

The President emphasized the importance of this election, suggesting that it will decide whether Sri Lanka continues the cycle of changing governments every five years or sets a course for sustained national progress.

President Ranil Wickremesinghe highlighted the International Monetary Fund’s (IMF) positive assessment of Sri Lanka’s efforts to rebuild its economy. He noted that Sri Lanka has met all its quantitative targets for the end of December 2023 under the current economic program, with the exception of the indicative target on social spending. Furthermore, by the end of April 2024, the country had achieved many structural targets.

President Wickremesinghe also outlined future plans for Sri Lanka, including the introduction of the new Central Bank Act aimed at ensuring monetary stability. He also mentioned upcoming legislation such as the Public Debt Management Bill and the Public Finance Bill, which are expected to bolster financial and monetary stability in the country.

The President underscored the importance of combating corruption and detailed the government’s commitment to establishing a robust anti-corruption framework by 2025. He also highlighted the need for job creation and economic growth, stressing the importance of transforming Sri Lanka’s import-based economy into an export-driven one.

At a time when many doubted Sri Lanka’s ability to recover swiftly from its economic crisis, President Ranil Wickremesinghe expressed that the current situation has exceeded his expectations. He thanked all those who worked with him with confidence to achieve these results.

The conference themed “Central Banking amid Multi-Faceted Global Economic Challenges” will take place over two days.

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