The country will get better from the second quarter of this year – President

President Ranil Wickramasinghe says that after the first quarter of this year, it is expected that there will be a good situation in the country.

He emphasized that by 2024 we can achieve the desired growth and until then everyone will have to face these difficulties.

The President mentioned this in a meeting with trade union representatives yesterday (13) afternoon at the President’s Office.

Union leaders and representatives from the government, semi-government and private sectors attended the meeting, which was called to discuss the measures that could be taken to find solutions to the economic and financial crisis in the country.

President Ranil Wickramasinghe, who gave his comments, further stated that the government has succeeded in making the negotiations with the International Monetary Fund more successful by building trust as a country.

Stating that the country’s economy is expected to improve after the first quarter of this year, the President also expressed confidence that more progress will be made in 2024.

Mr. Ranil Wickramasinghe further commented,

“We are in a country with a collapsed economy. Needless to say, the difficulties faced by the people of a country whose economy collapsed. I know very well the suffering of the people of the country today. We see a reduction in job opportunities. Inflation has especially increased the cost of living. People’s lifestyles are changing. The facilities that existed then have disappeared. This has affected every field of education and health. All of these are the conditions that come with this economic collapse. It is useless to talk now about how this happened. Now it’s happened.

The only option we have now is to seek the support of the International Monetary Fund. Otherwise, we cannot recover. We must decide whether we are going to walk that path or fall. I am trying to recover this fallen country as soon as possible.

We are currently carrying out debt restructuring. Among the three main countries that we have taken loans from, Japan, China and India, the negotiations with Japan have ended. We discussed with China’s EXIM Bank this week.
Now discussions have started to exchange views on it. India’s foreign minister is coming to Sri Lanka on the 19th. We are proceeding with these activities step by step to discuss the loan restructuring process with them.

After these negotiations, we will receive $2.7 billion from the International Monetary Fund in three or four installments. In addition, it is possible to get about five billion more from the World Bank and the Asian Development Bank. In addition, a number of different programs with Japan can be restarted at the end of this year. We are working on that.

Along with that, there is one more problem. Globally, economic growth in Europe and America is now slowing down. In that situation, our export market may decrease next year.

We need to develop our tourism business. We will be able to increase the country’s income by the end of this year. Then some relief can be given to the people. Before that, the country’s economy should be strong. For that, not only the government sector but also the private sector should be strengthened. Otherwise, there will be a gap.

First we need to find out what kind of relief can be given to the people. We have implemented a program to provide 10 kilos of rice each in the months of March and April for 2 million families who are not receiving Samurdhi benefits.

We hope that after the first quarter of this year, there will be a good situation in the country. By 2024, we can achieve the desired growth. Until then, everyone has to face these difficulties.

Among the people here today, working people and small business-owned people are facing the most difficulties. Also, problems have arisen in both public and private banks. We must protect the banking system. When banks are protected, small businesses that borrow from them can collapse. What is the next step? How should the economy be handled from 2024? The export economy should be strengthened while protecting the competitiveness of businesses. Similarly, concessions should be given to the working people.

I suggest gathering not only in the government sector but also in private trade businesses, trade boards, trade unions, farmers, and all these people and having a long discussion. We should at least reach a framework of a social agreement on how we can move forward with this economic program.”

Prime Minister Dinesh Gunawardena gave his comments as follows.

“Due to the measures taken by the government in the last few months, the economic situation of the country is changing to some extent today. But to strengthen the situation in the future, we need to cooperate and improve the products and services. It is on that basis that we can raise our heads as a country. The participation of working people is essential for that.

We must all overcome these challenges together. I believe that all of you will contribute to this tripartite dialogue and eventually transform it into a social contract and enter a new era.

Everyone has an understanding of the situation in this country today. This is not a time to blame anyone for who caused this situation. Everyone should work together to build this country. I believe that the working people of this country are ready to provide full support for those tasks.”