Sri Lanka's Path Across the Vine Bridge: President Says No Other Way Out

COLOMBO (News 1st); Sri Lanka's President Ranil Wickremesinghe has defended the government's economic reforms, likening the journey to crossing a precarious vine bridge.

Delivering a statement to the house of legislation on Thursday (9) Wickremesinghe emphasized the necessity of these measures and called for a united front in rebuilding the country's economy.

He said that seeking assistance from the International Monetary Fund (IMF) was met with skepticism, but it paved the way for critical reforms.

"Every single step that was taken, from seeking IMF support to the setting up of economic discipline in the country, was criticized. But in the midst of all those criticisms, slanders, gossips, we started to cross the vine bridge. We realized that there is no other way out," said the President.

President Wickremesinghe noted that the government has granted maximum concessions possible, given the economic constraints, and added that equests for salary revisions are on hold due to the lack of revenue growth in 2024. However, a reassessment is planned for next year.

"If we leave the economic program we are implementing now, we will fall again into a great disaster," warned Wickremesinghe.

The President said that the IMF-backed program, initiated in September 2022, has yielded positive results, and debt restructuring remains a priority, necessitating increased government revenues and foreign exchange reserves.

He said that the government enterprises burdened by taxes and losses may benefit from private sector involvement, and formal laws and a modern institutional framework are essential to attract foreign investments.

"More than 30 new laws and amendments have been passed in this parliament in the last two years with the aim of achieving economic reforms in the country. Also, many similar laws are expected to be submitted to this Parliament soon. The Economic Transformation Bill, the Public Finance Bill and the Public Debt Management Bill are prominent among them. Some groups who cannot tolerate this progress joke that we are going through an interval in hell. I will say this about it. If we change the track of the current journey aiming at short-term and narrow expectations without a long-term vision, we will fall back to hell," said President Wickremesinghe.

President Ranil Wickremesinghe asserts that there is no alternative—this program is the only path to rebuilding the economy.

He also appealed for a common agreement and consensus, noting that religious leaders, trade unions, professionals, business communities, and opinion leaders must unite for the country's sake.