President Ranil Wickremesinghe made a significant appearance in Parliament today, arriving shortly after the start of the session to deliver a special statement regarding the country's current economic landscape.
In his address, President Wickremesinghe emphasized the implementation of economic stabilization and recovery programs as pivotal for the country's reconstruction efforts.
He highlighted that these initiatives have catalyzed economic growth since mid-2023, marking a positive trajectory for the nation.
Assuming leadership of the country unconditionally, President Wickremesinghe underscored his confidence in guiding the nation through its challenges, citing his comprehensive plan, extensive experience, and international relationships as assets for driving recovery.
Regarding economic projections, President Wickremesinghe noted a forecasted growth rate of around 3% for the current year, aligning with assessments from various local and international financial institutions.
Addressing concerns about debt restructuring, the President articulated his intention to conclude all negotiations by mid-year, with the ultimate objective of reducing total debt to 95% of the GDP by 2032.
Highlighting recent achievements, President Wickremesinghe pointed out the stabilization of the US Dollar exchange rate below Rs. 300 and the increase of foreign reserves to over USD 5 billion in the first quarter of the year. He attributed these accomplishments to his administration's adherence to a challenging yet prudent approach.
In response to calls for salary increments for government employees, President Wickremesinghe indicated that such considerations could only be made next year, contingent upon the economic growth of 2024 and government revenue. He stressed that the current fiscal situation does not afford immediate adjustments in salaries.
