President Warns Against Altering IMF Agreements

COLOMBO (News 1st); Sri Lanka's President Ranil Wickremesinghe said that recent strides towards economic stability have been made possible through concerted efforts and crucial support from international financial institutions. 

He said that the agreements with the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB), and 18 lending countries have been instrumental in advancing the nation's economic program.

The President said that maintaining these agreements without alterations is deemed essential for securing a prosperous future, with any modifications potentially jeopardizing ongoing progress and future prospects.

Addressing the gathering, President Ranil Wickremesinghe further elaborated;

The inauguration of this duty-free centre in the Port City today marks a significant milestone. Our tourism industry has now gained global prominence, attracting visitors who are drawn to this new shopping complex. The development of shopping malls in the Port City is a key part of our strategy to enhance the region’s appeal and provide goods for tourists. This represents the beginning of a new era for the Port City.

Two years ago, the prospect of such development seemed improbable. However, we have made this progress possible through our efforts to establish economic stability, with crucial support from the IMF. Our agreements with the IMF, the World Bank, the Asian Development Bank (ADB), and 18 lending countries have been instrumental in advancing this program. Maintaining these agreements without alterations is essential for securing a prosperous future for our country. Any attempts to modify these agreements could jeopardize our on-going progress and future prospects.

Approximately 100 companies are currently directing their attention towards the Port City. Of these, 74 companies are expected to arrive in Sri Lanka by the end of this year. Additionally, a new tourist zone will be established in Colombo Fort, which is anticipated to increase the number of visitors to these areas.

The police headquarters has been relocated, and the Foreign Ministry is moving to a new building. Plans are underway to renovate the Republic Square and construct new buildings in its centre, aiming to develop the area into a tourist zone. The old post office building will also be utilized to advance the tourism industry. The old port and its jetty, as well as the old customs building, will be repurposed for tourism.

The naval headquarters has been relocated to Akuregoda, creating opportunities for new hotel developments in that area. The current President’ House will also be leveraged to expand the tourism sector, with plans to create a robust tourism industry there.

To develop the country, it is essential to attract a larger number of tourists and increase the revenue generated from them. We should take pride in being able to initiate such a shopping complex within two years. Three renowned global companies have already established themselves within a 7,000-square-meter area, with more expected to arrive. We are committed to securing the country’s economic stability and advancing the Port City to become a globally recognized centre.

Source: PMD