Greece Took 10 Years To Recover, We Need To Be Fast - Ranil

COLOMBO (News 1st); Independent Presidential Candidate Ranil Wickremesinghe has underscored the critical need to adhere to the agreement with the International Monetary Fund (IMF) to sustain Sri Lanka's economic recovery and foster long-term growth.

Drawing a comparison with Greece, Wickremesinghe highlighted the consequences of rejecting an IMF agreement, which led to prolonged economic instability and a decade-long recovery. 

"I didn't want to be like Greece. They came to an agreement, then they had the election, then they had a referendum, where 60% rejected the agreement, then the economy collapsed again," he said. "It took them 10 years to recover. I wanted the recovery to be as fast as possible, and that's what we have achieved."

Wickremesinghe emphasized that the IMF agreement provides significant relief, including approximately $10 billion in interest relief extended until 2042, allowing Sri Lanka time to readjust its economy. 

He stressed that the agreement is a collective decision based on a thorough assessment of the country's economic situation.

He also pointed out the legislative measures taken to ensure economic stability, including the passage of the Public Debt Management Act, the Public Finance Act, the Central Bank Act, and the Economic Transformation Act. These laws enshrine economic policies, making them resilient to changes in government leadership.

"This is not a question of some people saying, talking to the IMF. We have already passed the four main laws that are required. Now for the first time, policies are put down as a law. So you can't change it. Just because the minister changes or the president changes or the prime minister changes, you can't change it. You must go before Parliament," Wickremesinghe stated.