Upcoming Election Will Be Pivotal - President


President Ranil Wickremesinghe highlighted the critical nature of the upcoming election in determining Sri Lanka's future trajectory, during his keynote address at the 45th “SAARCFINANCE” Governors’ Meeting and Symposium held at the Hilton Hotel on Thursday.

Highlighting his commitment to democratic socialism, President Wickremesinghe outlined two primary objectives: ensuring an adequate standard of living for all citizens and promoting rapid development through both public and private economic activities aimed at social objectives and the public good. He pointed to the recently submitted Economic Transformation Bill as a key instrument designed to achieve these goals within the constitutional framework, countering any accusations of unconstitutional actions.

The President remarked on the significance of the upcoming election, stating it will be pivotal in deciding whether Sri Lanka continues the pattern of changing governments every five years or embarks on a path of sustained national progress. He referenced recent elections in neighboring countries that have led to new governments, suggesting a regional trend of political change.

President Wickremesinghe also noted the International Monetary Fund's (IMF) positive assessment of Sri Lanka's economic recovery efforts. By the end of December 2023, the country had met all its quantitative targets under the current economic program, except for the indicative target on social spending. By April 2024, Sri Lanka had achieved many structural targets, exceeding the expectations of many skeptics.

The President expressed gratitude to those who worked with him to achieve these results, underscoring the collaborative effort required to navigate the economic crisis. The two-day conference, themed “Central Banking amid Multi-Faceted Global Economic Challenges,” continues to address regional economic issues.