During a Q&A session organized by The Professionals Forum at Shangri La, President Ranil Wickremesinghe reassured the business community that his primary focus for the next five years will be driving Sri Lanka’s economic growth. He emphasized that without a stable economy, it’s impossible to achieve good governance.
The President noted that Sri Lanka has spent over 30 years debating the abolition of the Executive Presidency, but he believes that economic stability should take precedence. He stated, “My priority is stabilizing and boosting the economy. Governance reforms should be secondary because without a stable economy, achieving good governance is impossible.”(Economic Growth)
Economic Growth
Wickremesinghe also addressed concerns about international bondholders, clarifying that there is no immediate ultimatum. He mentioned that negotiations are ongoing and assured that the country’s election process is well underway, unaffected by these discussions.
Regarding the delays in passport processing, the President apologized and assured that the transition to e-passports would be completed by October. He also announced that a new Economic Commission would be established under the Economic Transformation Act by January 2025. This Commission will serve as a single point of contact for investors, streamlining the approval process and encouraging more investment in the country.(Economic Growth)
On the issue of corruption, Wickremesinghe revealed plans to implement one of the strongest anti-corruption frameworks in South Asia, developed in consultation with the IMF. The framework will include new legislation to close legal loopholes and ensure that corrupt officials are held accountable.
The President also outlined plans for a Rs. 50 billion fund to support struggling SMEs and MSMEs, along with the introduction of a new insolvency law to help these businesses restructure and recover from financial distress. Additionally, a National Development Bank will be established to further support these businesses, with a network of branches across the country.
Wickremesinghe highlighted the Government’s commitment to digital transformation, prioritizing the digitalization of Government services, including Immigration. He aims to complete this transformation within five years, enhancing the efficiency and accessibility of public services.
By focusing on economic stability, governance reforms, and digital transformation, President Wickremesinghe is committed to steering Sri Lanka towards a prosperous future.
