Independent Presidential Candidate Ranil Wickremesinghe has emphasized 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 reached an agreement, then held an election and a referendum, where 60% rejected the agreement, causing the economy to collapse 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, giving Sri Lanka the necessary 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 highlighted 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 isn’t just about some people discussing the IMF. We have already passed the four main laws required. Now, for the first time, policies are enshrined in law, making them unchangeable. Whether the minister, president, or prime minister changes, these policies remain intact. Any changes must go through Parliament,” Wickremesinghe stated.
