President Ranil Wickremesinghe announced the commencement of a groundbreaking economic program designed to modernize various sectors and propel Sri Lanka towards progress, starting from January 1, 2024. Speaking at the centenary celebration of the Government Valuation Department in Pitakotte on Wednesday (06), President Wickremesinghe emphasized the need for collective participation to address the economic challenges faced by the nation.
Reflecting on recent economic hardships, the President cautioned against complacency, highlighting the importance of prudent management for sustained economic stability. President Wickremesinghe advocated for a shift towards a digital economy, emphasizing the necessity of employing modern economic methodologies.
Acknowledging Sri Lanka’s swift recovery from economic challenges, particularly in comparison to countries facing bankruptcy amid the global economic recession, the President expressed gratitude to the employees of the Government Valuation Department for their dedicated service. Awards were presented, and a commemorative stamp and first-day cover were issued to mark the centenary celebration. The President unveiled the department’s song and flag and introduced the “e Valuation” system to digitize its operations.
President Wickremesinghe traced the historical evolution of the Valuation Department, emphasizing its role from the Portuguese period to significant developments during the British era. He stressed the critical importance of digitization and proposed an increase in university enrollment to nurture future Valuers.
Looking ahead, the President advocated for a regular property valuation cycle, suggesting assessments should be conducted every five years. He highlighted the vital contribution of the assessment process to the tax collection system and expressed high regard for the initiation of digitalization within the Valuation Department.
Addressing the economic challenges of the past year, President Wickremesinghe acknowledged the sacrifices made by government officials and the broader population in steering the country towards recovery. He emphasized the need for innovative economic approaches to prevent a recurrent crisis.
Key measures, including reinforcing fiscal prudence and halting the practice of printing money, have been implemented to foster economic growth. The President underscored the crucial need for financial discipline and effective management of the economy.
To address the economic crisis, comprehensive plans have been formulated to augment export earnings, curtail government expenditure, and enhance government income. A targeted initiative aims to attract 2.5 million tourists to Sri Lanka next year, with plans to double this figure to 5 million for rapid economic alleviation.
As part of the budget proposal, 300,000 acres have been earmarked for cultivation, playing a key role in the economic revitalization strategy. The Valuation Department’s digitization is prioritized for enhanced effectiveness in realizing agricultural objectives.
In the energy sector, a paradigm shift towards renewable energy, harnessing wind and solar power resources, is imperative. The integration of Artificial Intelligence (AI) into the energy sector and the broader digital economy is emphasized for rapid economic prowess.
