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President Ranil Wickremesinghe Announces Economic Progress and Future Plans

In a special address to Parliament on May 9th, President Wickremesinghe highlighted the formal implementation of economic stabilization and recovery programs, marking the commencement of a journey towards economic growth in mid-2023.

Assuming leadership of the country without any conditions, despite being the sole member of Parliament, Wickremesinghe underscored his well-thought-out plan, extensive experience, and international relationships as pillars for confidence in the country’s recovery from its challenges.

The Head of State projected economic growth at around 3% for the current year, aligning with forecasts from various local and international financial institutions.

Wickremesinghe expressed his expectation to conclude all negotiations by mid-year, aiming to reduce total debt to 95% of the GDP by 2032 through debt restructuring efforts.

Moreover, he noted accomplishments in the first quarter of the year, including bringing the US Dollar exchange rate below Rs. 300 and boosting foreign reserves to over USD 5 billion. He attributed these achievements to navigating a challenging but correct path.

Addressing concerns about salary increments for government employees, Wickremesinghe stated that consideration could be given next year, contingent upon the economic growth of 2024 and government revenue. Currently, the government’s income does not suffice for such adjustments.

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