Colombo: As Sri Lanka faces a huge economic crisis, President Ranil Wickremesinghe believes that the only way to emerge from it is by seeking support from the International Monetary Fund (IMF). “We are well aware that the country’s economy has collapsed,” Wickremesinghe said at a meeting with trade union representatives at the president’s office. “So I know the difficulties the country is facing. We have seen a decline in the number of jobs. Inflation has increased especially the cost of living. So the lifestyle of people is changing.”
The President highlighted that the facilities that Sri Lankans enjoyed earlier are diminishing due to the dire economic situation in the country, which has affected every sector, including education and health.
‘It is useless to talk about root causes’
He said, “These are the consequences of this economic collapse. It is useless to talk about the root causes of these issues as they have already happened. Now the only option left with us is to seek the support of the International Monetary Fund (IMF).” Otherwise, we can’t recover.”
‘Currently running a loan restructuring program’
Wickremesinghe also said that he was trying to revive the country’s battered economy with the help of a debt restructuring programme. “We are currently carrying out a debt restructuring program,” he said. “We have already completed the talks with Japan, which is one of the three main countries, Japan, China and India from whom we have received the line of credit.”
The President also said that economic growth in Europe and America is now slowing down. “In such a situation, our export market may collapse by next year and we will have to develop our tourism industry,” he said.
Wickremesinghe is confident that the country’s economy is expected to recover after the first quarter of this year and said he is confident of achieving better economic progress in 2024. He said that not only the public sector but also the private sector should be strengthened. Provide relief to the people by continuing the development programs of the country. “I am aware of the difficulties people are going through today and I will somehow provide relief to the people,” he said.
(With ANI inputs)