Courtesy Hiru News

President Ranil Wickremesinghe emphasized that those who cannot speak about the future of the country have no right to take responsibility for it. Only those who actively discuss the nation’s future should be entrusted with its leadership.

Referring to a statement made by Anura Kumara Dissanayake, who recently called for local businessmen and industrialists to focus on exports, President Wickremesinghe pointed out that Dissanayake’s policy document also mentions the cancellation of Sri Lanka’s free trade agreements. He questioned how an export-oriented economy could be developed without such agreements in place.

The President urged voters to carefully consider this matter and make informed decisions. He also stated that if the country is ready for change, then changes in other sectors are also possible.

President Ranil Wickremesinghe shared these remarks yesterday (6) while speaking at the conference on banking and finance organized under the theme “Bankers with Smart Leadership” by the National Bankers Association at the Galadari Hotel, Colombo.

During the event, Dr. R.H.S. Samaratunga, Senior Advisor to the President Economic Affairs delivered a special lecture on the economic progress Sri Lanka has achieved over the past two years. A large number of bankers participated, and the President addressed their questions in a constructive manner.

Further expanding on his views, the President Ranil Wickremesinghe said: “Your association was formed two years ago, during the economic crisis. Since then, I have had the opportunity to engage with you, and I am grateful for the support you have extended over this period.

As Dr. Samaratunga mentioned, we have now reached a decisive moment. In 2022, the economy collapsed, and our debt burden became unsustainable. From that point on, we had to start rebuilding our path forward. With the support of a majority of Parliamentarians who believed in this journey, we pushed ahead to face the challenges. No alternative proposals were presented by others, and even those who claimed to have alternatives had nothing substantial to offer.

We initiated debt restructuring and have successfully concluded negotiations with 18 creditor nations, including the IMF, World Bank, Asian Development Bank, and China. Based on the agreements reached, we have introduced and passed the Economic Transformation Act in Parliament.

The “Puluwan Sri Lanka” concept is not limited to the economy. We aim to implement new initiatives that focus on economic growth. Our main foundation must be the debt sustainability agreement we reached with the IMF. There is no option to deviate from it. Low-income and middle-income countries each have specific conditions tied to their debt agreements. The structure of these agreements can be viewed on the IMF website. No matter which government is in power, these conditions must be adhered to. It is up to us to decide now whether to follow this path.

Under the ‘Puluwan Sri Lanka’ initiative, I have five key targets. First, to ease the cost of living, second, to create jobs, third, to reduce the tax burden while expanding the tax base, fourth, to transform our economy into an export-driven one and the fifth, to ensure the continuation of our “Aswesuma”and “Urumaya” programs. We are moving forward with these five priorities.

The depreciation of the rupee has increased our expenses, and purchasing power has declined. This is what happens when an economy collapses. Yet, some are now proposing tax cuts. However, reducing taxes will lead us back to the situation created by the previous government. It is not a viable solution. Our focus is on strengthening the rupee, and to do that, we must increase government revenue.

After my first year in office, we initiated “Aswesuma” programs, including the welfare program. We also worked to increase the salaries of public sector employees. The report of the Udaya R. Senewiratne Committee is expected to be implemented next year. We have reached an agreement with the IMF to revise the tax rates.

The only way to rebuild the country is by strengthening the rupee. Regardless of what others say, there is no other path forward. We must recognize this reality and act accordingly.”

Economic progress requires on-going development, which is why we must continue advancing our current programs. As a government, we are committed to this initiative, and if necessary, we can implement it starting September 22. No other party offers a comparable plan.

The “Puluwan Sri Lanka” program is set to begin on September 22. This is not about advocating for “Victory for Ranil” or “Country for Ranil.” Those calling for a departure from traditional politics are themselves entrenched in it, while those coming from traditional backgrounds are seeking to effect change. Our vision extends beyond economic reform; it encompasses numerous areas including the prevention of social violence, women’s empowerment, and expanding educational opportunities. We aim to modernize all these sectors.

Political transformation is also crucial. The nine provincial councils should function not merely as administrative bodies but as key drivers of development. We need to enhance the representation of women and youth within these councils. Additionally, we plan to establish the Jana Sabha system to involve those who are not currently engaged in politics. Furthermore, we propose that any proposal supported by 100, 000 citizens should be debated in Parliament.

After the “Aragalaya” of 2022, the political system of this country has changed. A new political system is merging. It takes time. But we are preparing the necessary background for that. You can’t catch thieves like a game. We have passed the necessary laws for that. Some other laws are being passed. For that, we are working to provide the necessary training to the people who need it. We are moving towards an economic, social and political transformation.

We have appointed the former Chief Justice Priyasad Dep’s commission on the electoral system. Eighty-seven proposals have been presented in that report. No political party talks about this. We have to decide today whether we will take these forward or not.

In addition, there are two alternative proposals. One is “Blueprint 3” It is really a suggestion about economics. There is a problem whether the common people understand it or not. But the problem is that one party has presented two policy statements. Two groups of the same party have submitted two election policy statements. The other alternative proposal is in the NPP. They are trying to create hatred there. The rulers from 1948 until now did nothing, declaring that they have exploited the country and they are the only ones doing things for the country. They have no suggestions for the country. I read both two hundred and thirty pages of their policy manifesto.

On September 4th, MP Anura Kumara Dissanayake emphasized the importance of focusing on exports for our country’s businessmen and industrialists. While this principle is commendable, there is a concern. Their policy statement suggests that Sri Lanka plans to cancel its free trade agreements. This raises a significant question: how can we develop an export industry without these agreements? Such contradictions pose challenges.

Additionally, Sunil Handunnetti and their economic expert, Harshana Suriyapperuma, have challenged the Economic Transformation Bill in court. They argue that the bill, which promotes an export-based economy, fails to provide opportunities for import-based businesses and is therefore unconstitutional. They also contend that treating foreign investors on par with local investors is unconstitutional. This situation is confusing: one side argues for necessary changes, while the other side disagrees. It’s worth questioning whether we can move forward with such a program and if this truly represents the change they envision.

I have asked Anura Kumara Dissanayake for clarification on this matter. Political solutions alone won’t suffice; to truly save our country, we must think critically and work collaboratively. Unlike other countries where programs are clearly presented, defended, and pursued, our politics have often been characterized by empty promises and evasions. We need to change this approach.

Spreading hatred and publishing lengthy, unsubstantiated reports won’t resolve our issues. We must focus on constructive progress. If we cannot discuss the future of our country, we forfeit our right to influence it. Only those who are committed to discussing and shaping the future are fit to lead. As voters, it is our responsibility to scrutinize these matters carefully and make informed decisions.

Professor Maitree Wickremasinghe, former Finance Minister Ravi Karunanayake, Member of Parliament Premanath C. Dolawatta, Presidential Senior Adviser on Economic Affairs Dr. R. H. S. Samaratunga, Director General of Trade Unions to the President Saman Ratnapriya, National Bankers Association Anura Alahakoon, Secretary Asela Fernando and other officials, high-ranking bank officials and bankers attended the event.