Sri Lanka’s President, Ranil Wickremesighe, has conveyed optimism regarding the International Monetary Fund (IMF) Board’s timely conclusion of the first review of Sri Lanka’s Extended Fund Facility (EFF) program within the month of December.
Addressing the ongoing discussions with external private creditors, President Wickremesighe underscored the government’s dedication to reaching a consensus on specific restructuring terms in the near future. A key aspect of this restructuring strategy involves a focus on a long-term extension of the debt, guided by economic principles that will shape future negotiations and operations. The President’s Media Division quoted President Wickremesighe’s speech to the 2023 Sri Lanka Economic Summit, where he highlighted the necessity of adhering to the agreed-upon framework, cautioning against potential adverse consequences with creditors if deviations occur.
President Wickremesighe urged the nation to embrace this radical restructuring as a final opportunity for economic stability, stressing the importance of breaking away from the cycle of seeking external aid due to mismanagement.
In his address, the President drew attention to the risks associated with remaining a “beggar nation” and the unsustainable practice of seeking financial assistance without addressing the root causes of economic instability. He questioned the wisdom of repeatedly seeking help from other countries, emphasizing the urgent need for internal reform and enhanced competitiveness.
President Wickremesighe underlined the significance of cultivating a competitive, export-oriented economy and outlined the government’s vision for a digitalized and green economy.
