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Major policy changes required, says president
View(s):President Ranil Wickremesinghe said a new Central Bank act aimed at ensuring monetary stability, legislation such as the Public Debt Management Bill and the Public Finance Bill expected to bolster financial and monetary stability, are in the pipeline.
“Once we carry this through, I see Sri Lanka achieving stability in monetary and fiscal affairs for the next decade or more,” he said at the inaugural session of the 45th “SAARCFINANCE” Governors’ Meeting and Symposium on ‘Central Banking amid Multi-Faceted Global Economic Challenges’ held at the Hilton Colombo this week.
He expressed his gratitude to the Government and Reserve Bank of India, and the Government and Central Bank of Bangladesh for their financial support, which he described as “lifesaving”, and said the aid from USAID and the World Bank was pivotal in stabilising the country’s economy.
“Not in any way departed from the principles of the democratic socialist system" Pic by Indika Handuwala
“All quantitative targets for the end of December 2023 were met, except the indicative target on social spending. Most structural benchmarks due by the end of April 2024 were either met or implemented with delay.”
Emphasising the issue of corruption in Sri Lanka, President Wickremesinghe said that the ‘proceeds of crime’ legislation is in the process of being drafted to be sent to the Parliament. “By 2025, we will have the strongest anti-corruption system in South Asia and even, I think, in Southeast Asia, except for one or two countries. ”
“We are all in this traditional British system where we don’t address the major policy changes required,” he said, highlighting the need to transform Sri Lanka’s import-based economy into an export-driven economy. He quoted an IMF report which stated that “the economy is still vulnerable, and the path to debt sustainability remains knife-edge”, and said the “Economic Transformation Law” will be introduced soon.
“I have not in any way departed from the principles of the democratic socialist system in our country. I have, in fact, incorporated two of the objectives: to ensure that all citizens have an adequate standard of living, and to create rapid development of the whole country by means of public and private economic activity towards social objectives and the public good” he added.
Commenting on the transformation of Sri Lanka to a highly competitive export-oriented digital economy, he said that “achieving net zero by the year 2050, increasing integration with the global economy, achieving stable macroeconomic balances and sustainable debt, modernising agriculture to boost farmer productivity, incomes, and agriculture exports, and promoting inclusive economic growth and social progress are also part of the plan.”
“I want to ensure that the initial beneficiaries of the measures we have taken with the IMF are the ordinary people of Sri Lanka.”
“We are also bringing in new laws to change vocational training because large numbers go into vocational training more than university as they look for employment,” he said.
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