When I assumed office majority of the population were on the streets, some in lengthy queues, others in prolonged protest struggles:
Our nation was in crisis: the economy was severely contracted, with inflation soaring to 70%:
I undertook this mission with confidence for three key reasons: well-thought out plan, relevant experience and established international connections:
President Ranil Wickremesinghe emphasised that Sri Lanka has the potential to become a developed country in the world if we unite and reach a consensus. He reiterated the importance of a shared agreement for the country’s progress.
He urged everyone not to overlook the chance to contribute to the future generation of the nation and cautioned that prioritizing personal ambitions over the country’s interests during this challenging period could lead to significant destruction. President Ranil Wickremesinghe made these remarks while delivering a special statement in the Parliament yesterday (9).
President Ranil Wickremesinghe highlighted that our present actions will define our future reputation. He questioned whether someone would be remembered as a person who betrayed the country or as part of a group known for their love and dedication to it. He emphasised the importance of making this determination.
The President emphasised that forming a unified consensus is not solely the responsibility of public representatives in Parliament, but also falls upon religious leaders, trade unions, professionals, the business community, non-governmental organisations, various opinion leaders, individuals with social influence, and every citizen.
The President added that the country was in crisis and the economy was severely contracted with inflation soaring to 70 per cent when he assumed the leadership.
“The budget deficit had surged to over 10-12 % of the Gross Domestic Product (GDP), prompting an increase in the interest rate to 30%. Moreover, the value of the dollar had risen to around Rs.450, while our foreign exchange reserves had depleted to zero,” he said.
He said that no one else volunteered to shoulder the responsibility of saving the country and instead they put forth different conditions.
“I unconditionally embraced the task of leading the country, despite my party holding only one seat in parliament.I took on this mission amidst challenging circumstances,” he said.
The President added that economy growth began in mid 2023, after the government led by him initiated economic economic stabilisation and recovery programmes.
“We anticipate economic growth of at least 3% this year, a forecast supported by multiple domestic and international financial institutions. Inflation has significantly decreased to 1.5%. Additionally, the primary account balance, previously in deficit for several years, turned into a surplus of 0.6% of GDP in 2023,” he added.
“For the first time in many decades, a surplus in the current account of the balance of payments was achieved in 2023. Furthermore, interest rates decreased substantially, reaching levels as low as 10-13%,” he added.
The President added that tourism rebounded, and remittances from foreign workers rose significantly.“By the first quarter of 2024, the exchange rate dropped to less than Rs.300 per US dollar. Furthermore, foreign exchange reserves exceeded US$ 5 billion, signalling a favourable trajectory in economic stability,” he said.
