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President Ranil Wickremesinghe paid tribute to the late Mr. R. Sampanthan, acknowledging him as a leader who championed the rights not only of the Tamil people but also of all Sri Lankans. He emphasized that both Mr. Sampanthan and himself were committed to the cause of an undivided Sri Lanka. The President urged everyone to unite in successfully concluding the discussions initiated with Mr. Sampanthan.

President Wickremesinghe made these remarks while attending Mr. R. Sampanthan’s funeral at his residence in Trincomalee this afternoon (07). The funeral ceremony, honouring the former Leader of the Opposition and the Tamil National Alliance (TNA), as well as the late Trincomalee District Member of Parliament, was attended by numerous political leaders, both from the Government and the opposition.

Expressing his sorrow over the death of Mr. R. Sampanthan, President Ranil Wickremesinghe mentioned that his passing is the loss of a long-time friend. The President affirmed his commitment to addressing the issues faced by the Tamil people, which Mr. Sampanthan consistently advocated for. He announced that the draft of the National Land Commission Bill is ready to be submitted to Parliament. This commission will have the authority to resolve issues faced by the Sinhalese, Tamil, and Muslim communities in coordination with the Department of Forest.

The President appreciated Mr. Sampanthan’s role as Leader of the Opposition, highlighting that an opposition leader is essentially an alternative prime minister. He praised Mr. Sampanthan for displaying the qualities of a true opposition leader by addressing the concerns of all Sri Lankans, not just the Tamil community.

Additionally, the President commented on the upcoming elections, stating that regardless of any court challenges, the presidential election will be held this year. He also indicated that arrangements will be made to hold parliamentary and provincial council elections following the presidential election.

Addressing the funeral gathering the President further mentioned:

“I have lost a long-time friend with the demise of Mr. R. Sampanthan. I met him 50 years ago when he was a lawyer and I was a new lawyer. In 1977, Mr. Sampanthan and I came to Parliament as new MPs. In that parliamentary election, I supported Mr. Navaratnam Raja, the working committee member of our party from Trincomalee. But Mr. Sampanthan won the seat.

The Parliament was divided into two parties, especially according to the proposal that a separate state should be formed. Mr. Sampanthan had a special relationship with the members of the Government. He always said that this country cannot be divided and we should advocate for a federal system or for granting more powers than the district council system that we created.

There was a problem between us. When I was taken over a piece of land in Trincomalee to the Youth Service Council, there were debates between us in Parliament. His efforts to control this and our efforts were not successful. He left Sri Lanka in 1983. After he returned to Parliament, we reconnected. After the end of terrorism in 2009, I had the opportunity to work with him again on the problems of the Tamil people.

He never demanded a separate state. He always said that everyone should be together. He emphasized that the Tamil people are suffering and their problems should be solved immediately.

We have worked together in elections and supported common candidates. We all worked together especially for President Maithripala Sirisena’s victory. Before that, he worked for Mr. Sarath Fonseka’s election. I always talked to him about past events and politics. He was the only living person as a MP who saw the opportunity of the country gaining independence in 1948. We often discussed politics and our shared experiences.

After that, he worked as the leader of the opposition. He showed his character well in his tenure. He not only talked about the problems of the Tamil people and worked on them, but he also presented the problems of all Sri Lankans as the leader of the opposition. At that time, he acted as a true opposition leader, who becomes an alternative prime minister.

He demonstrated great leadership as the leader of the opposition when I lost the prime ministership during the political crisis in 2018. For various reasons, our negotiations did not succeed, especially after the Easter Sunday bombings, when we lacked the background to present political solutions.

After I assumed the presidency, I discussed these issues with him and with Tamil parties and MPs. Some very important ideas were gathered during these discussions.

Both of us agreed to find solutions to these issues in an undivided Sri Lanka. While these negotiations were on-going, I had to prioritize leading the country out of bankruptcy. As a result, our negotiations had to be postponed for the last few months.

I looked into whether these discussions could be resumed this parliamentary week. But before that opportunity came, Mr. Sampanthan left us. Nevertheless, we must continue these discussions and conclude them. The draft of the National Land Commission Bill is now prepared to be submitted to Parliament. There are issues among Sinhala, Tamil and Muslim communities with the Forest Department regarding the acquisition of their villages. I hope to empower this commission to resolve those issues by law.

It is declared necessary to hold provincial council elections. However, we have discussed and decided to hold the presidential election first. Regardless of any legal challenges, the presidential election will be held this year. Following that, parliamentary elections will be conducted, and then provincial council elections will be held.

Due to the complexities in the new system, requests were made to hold the provincial council elections according to the old system. There was an agreement among us for that. It was decided to ensure women and youth representation and to allow parliamentarians to compete for these elections while retaining their membership.

By implementing the 13th amendment, we are negotiating with the Chief Ministers who are now represent the Parliament to transfer a number of other powers from the central government, excluding police powers. Other powers can be discussed later.

As a new proposal, the government has suggested decentralizing maximum power within the framework of the 13th amendment in the distribution of power. Additionally, the report of the Nawaz Commission needs to be discussed. The Foreign Minister has informed me that the drafted bill of the Truth, Unity and Reconciliation Commission (TRC) is prepared to be submitted to Parliament. Moreover, we have discussed and reached an agreement on the Jana Sabha system. We intend to take these discussions forward and bring them to a conclusion.

Mr. Sampanthan was a leader who worked tirelessly for the rights of the Tamil people and advocated for the rights of all Sri Lankans. Both of us were dedicated to an undivided Sri Lanka. We initiated these discussions with mutual agreement and request everyone’s support to complete this important work.”

Governor of the Eastern Province Senthil Thondaman, Members of Parliament Lakshman Kiriella, Rauf Hakeem, Rishad Bathiudeen, M.A. Sumanthiran, Mano Ganesan, Shanakiyan Rasamanickam, Dharmalingam Siddharthan, Mavai Senathirajah, former Member of Parliament Dr. Nalinda Jayatissa, and other political party leaders and representatives, along with the Indian High Commissioner to Sri Lanka Santosh Jha, Tamil Nadu BJP leader K. Annamalai, several Indian leaders, and a large number of local people attended the funeral.

President Ranil Wickremesinghe informed the Maha Nayaka of the Ramagna Maha Nikaya Most Ven. Makulewe Wimala Thera that he had informed the Election Commissioner of the need to hold the Presidential election on the scheduled date.

The President visited the Sri Lanka Ramagna Maha Nikaya headquarters this afternoon (05) in Alvitigala Mawatha, Narahenpita. There, he had a brief discussion with the Chief Prelate of the Ramagna Maha Nikaya, Most Ven. Makulewe Wimala Nayaka Thera.

During the visit, Most Venerable Makulewe Wimala Thera chanted Seth Pirith, bestowed his blessings upon President Ranil Wickremesinghe and presented him with a commemorative gift.

President Ranil Wickremesinghe, speaking on the occasion, further elaborated,

“We have successfully concluded discussions with private creditors and commercial lenders regarding the debt restructuring process. I am pleased to announce that we have achieved a reduction of USD 8 billion in our debt burden.

“Additionally, we have secured a grace period of 4 years for loan repayment, extending the repayment timeline until 2043. We intend to leverage this opportunity to bolster Sri Lanka’s export economy. With strategic planning and actions over the next two years, we can position the country to avoid the need for further loans.

Thailand, a Buddhist country, has developed a robust economy today through its open economy policy. In 1950, Thailand was twice as indebted as Sri Lanka. However, it has since built a thriving economy driven by exports. In 1991, the Vietnamese Minister of Industry sought advice from me on attracting industries and investments to Sri Lanka. Today, the roles are reversed, and I find myself seeking similar advice from Vietnam.

I have officially notified the Election Commissioner that the election should proceed as scheduled. Back in 2015, I proposed reducing the President’s term from 6 years to 5 years. Today, our nation faces economic challenges, prompting the government to initiate relief programs such as Aswesuma aimed at easing the burden on our citizens.

The Maha Sangha led by Ven. Walegoda Gunasiri Thera, Anunayaka thera of Sri Lanka Ramagna Maha Nikaya, Venerable Attangane Sasanarathana thera, Venerable Wetara Mahinda Thera, Venerable Makulewe Dhammarathana Thera, Ven. Akarelle Gunawansa Thera, Secretary of the Security Council of Sri Lanka Ramagna Maha Nikaya State Minister Lasantha Alagiyawanna, former Minister Daya Gamage, Dhammika Samarawickrama of the Security Council of the Sect were present on this occasion.

Over 200 trade unions in the public sector, including Grama Niladhari officers and surveyors will resort to trade union action by reporting ‘sick’ on Monday (8) and Tuesday (9), according to the Trade Unions Collective.

However, the teachers and the principals will be reporting sick only on Tuesday (09 July).

Billionaire businessman and Member of Parliament Dhammika Perera says that he is ready to contest the upcoming Presidential Election if the Sri Lanka Podujana Peramuna (SLPP) takes a decision.

Perera made this remark while attending the inauguration of the SLPP’s centre for professionals, which was held this morning (05).

The event was also attended by SLPP National Organiser MP Namal Rajapaksa.

Commenting further, MP Perera said: “I am prepared to contest the Presidential Election, pending the decision of the biggest political party of Sri Lanka on their candidate. I await their decision while continuing to work towards my victory.”

“My primary focus is on developing the economy… If I am to take the stage, I have to explain how I plan to develop the economy. Therefore, I am currently formulating an economic programme. The decision rests with SLPP.”

“Many political parties have campaigned for nearly two years, yet none have presented a clear plan for economic development. With only 90 days remaining, it is imperative to outline a comprehensive economic strategy to earn the confidence of the population”, he added.

“I have personally demonstrated how the education sector can be improved, investing my own resources. My ‘DP Education’ platform stands ready to be implemented in all 10,000 schools with minimal setup required for smart classrooms.”

“Within 60 days, we can present our economic development program and persuade undecided voters to support us”, the SLPP parliamentarian further said.

(Ada Derana)

President’s Fund scholarship program for students from low-income families, spanning from grade 1 to grade 11 and G.C.E. (A/L), will be implemented at the district level starting from July 12, 2024. District secretaries, in collaboration with all zonal education offices and school principals, will oversee the scholarship distribution process.

Details regarding the dates, times and venues for scholarship awards in each district, as well as the list of selected scholarship recipients, will be announced. This information will be published on the official Facebook page of the President’s Fund in the coming days.

The list of students selected for the scholarships for G.C.E. (A/L) scholarship scheme in each district has already been published on the official Facebook page of the President’s Fund at the regional level. These scholarships will be awarded to 6,000 students, with 60 students selected from each educational zone. Each recipient will receive Rs. 6,000 per month for a duration of 24 months.

At the scholarship award ceremony, selected students will receive a grant of Rs. 30,000 along with any outstanding instalments. Starting from next month, Rs. 6,000 will be provided to students monthly until they appear for their G.C.E. (A/L) examinations.

Additionally, the scholarship program will be implemented covering all 10,126 schools across the island, from grade 1 to grade 11, for a duration of 12 months. Each selected student will receive Rs. 3,000 per month, totalling Rs. 36,000 over the year. The arrears for the selected students will amount to Rs. 12,000, which will also be provided at the scholarship award ceremony. Starting from the following month, the scholarship will continue to be paid Rs. 3,000 per month.

Accordingly, the President’s Fund invites the public to follow/like its official Facebook page to stay updated on the scholarship programs being awarded at the district level. This will ensure the public receive timely information about these important initiatives.

State Minister for Power and Energy Indika Anuruddha, stated that due to the success of the debt restructuring activities, the projects related to the energy sector, which were stalled during the last crisis, will be re-implemented and it will be of great help in solving the power crisis.

The Minister of State also pointed out that some parties in the opposition are engaged in sabotage to weaken the program launched by the government to develop the country.

State Minister Indika Anuruddha conveyed these updates during a media briefing at the Presidential Media Centre (PMC) held today (04) under the theme “Collective Path to a Stable Country”.

The state minister further elaborated;

“Many energy sector projects were stalled during the recent crisis. However, agreements for debt restructuring have been signed with bilateral creditor countries. This has resolved the legal issues necessary to restart these foreign-funded projects. As a result, the successful debt restructuring will significantly help address the country’s energy crisis.

Additionally, the Ceylon Electricity Board (CEB), the Public Utilities Commission of Sri Lanka (PUCSL), and the Ministry of Power and Energy have calculated the costs of producing electricity using rooftop solar panels. Consequently, prices have been reduced, and a related cabinet paper was presented last week. This has enabled us to apply for electricity purchase agreements at a lower price, allowing the CEB to achieve a loss-free situation.

Furthermore, feasibility studies and environmental reports for the Adani project are still in progress. Once these are completed, it will be discussed whether the project can proceed under the current pricing conditions.

It has been observed that some opposition parties are engaging in sabotage activities to undermine the government’s development program. They have also issued false statements regarding the construction of power plants such as Uma Oya and Sampur.

Former Sri Lankan captain Sanath Jayasuriya has been named as the interim Head Coach of the Sri Lanka men's national Cricket team.

While Sri Lanka Cricket (SLC) continues their search for Chris Silverwood's replacement, Sanath Jayasuriya will take over the job in the interim for the home series against India and the Test tour to England.

Jayasuriya also joined the team at this year's T20 World Cup as a Consultant.

The Supreme Court of Sri Lanka today issued an interim injunction preventing the implementation of the Gazette on increasing the daily minimum wage of Estate Sector workers.

The Supreme Court today issued the interim injunction after granting leave to proceed with a petition that had been filed challenging the minimum wage hike.

The petition had been filed by several plantation companies against the wage hike for estate sector workers.

In May this year, a Gazette notification was issued stipulating the daily minimum wage for estate sector workers to be Rs. 1,700.

The Extraordinary Gazette No. 2381/35 of April 25, 2024, was approved by the Minister of Labour and Foreign Employment Manusha Nanayakkara, with the new regulation coming into effect from May 21, 2024.

At the time, Minister Nanayakkara also warned that plantations that do not pay their workers the newly stipulated minimum wage will be reacquired by the government.

However, the Planters’ Association of Ceylon strongly opposed the government’s wage hike of Rs. 1700 for plantation sector workers, stating it objects to the Government’s arbitrary, reckless, unilateral decision to drastically hike minimum wages for tea and rubber sector workers by an unprecedented 70%.

President Ranil Wickremesinghe emphasized the necessity of an advanced education system combined with modern technology to move the country forward with a new economy. He noted that educational reforms are currently underway to achieve this goal.

President Rani Wickremesinghe made these remarks today (06) during a ceremony at Hall De Galle in Galle. The event marked a significant step towards educational modernization, with the provision of 200 Smart Classrooms and 2000 Tabs to 200 schools in the Southern Province.

Following a request by the Minister of Health and Industry, Dr. Ramesh Pathirana, the Government of India allocated RS. 300 million to the Southern Provincial Council for this project.

Of the 200 schools selected schools, 150 are in the Galle district, while the remaining 50 schools are in the Hambantota and Matara districts.

Additionally, 2000 Tabs were distributed, with each of the 200 classrooms receiving 10 tabs.

Symbolizing this occasion President Ranil Wickremesinghe presented a commemorative gift to the Indian High Commissioner, Mr. Santosh Jha.

In his further remarks, President Wickremesinghe stated:

“Currently, the world is advancing rapidly with modern technology. Consequently, our country’s education system must also progress in tandem with these technological advancements. The Ministry of Education has already initiated necessary educational reforms to achieve this goal.

In the past, we introduced several educational policies that were appropriate for their time. However, given the current technological advancements of today, there is a pressing need for new reforms in the education sector to ensure our education system remains relevant and effective.

Thus far, we have launched the establishment of Artificial Intelligence (AI) clubs in schools. Countries such as England and America began integrating AI technology years ago. To ensure the sustainability of our newly launched AI program this year, it is essential for teachers to undergo comprehensive training. The government is actively developing training programs and infrastructure to bolster this initiative. There is also a plan to elevate existing Central Colleges and National Schools into specialized institutions focusing on artificial intelligence.

We deeply appreciate the support extended by neighbouring India in advancing modern technology. Prime Minister Narendra Modi has expressed interest in establishing an Indian Institute of Technology (IIT) campus in Sri Lanka, which is highly appreciated.

Additionally, negotiations to enhance cooperation in the energy sector with India are progressing successfully. I had discussions with Mr. Elon Musk in Malaysia, and his internet technology is anticipated to be introduced in Sri Lanka following Parliamentary approval.

This development will facilitate the provision of technical education to students in remote areas. Presently, the Southern Province has emerged as a region showcasing exceptional educational talent. Today, the first Dutch school in the Southern Province has evolved into Baddegama National School.

By leveraging modern technology to nurture future-ready generations, we aim to position our country as a global leader.

Minister of Education Dr. Susil Premajayantha:

“The Free Education Act has brought about a transformative change in Sri Lanka, significantly increasing the literacy rate from 46% to 93%. In today’s technological age, the integration of Artificial Intelligence and modern classrooms is crucial. We appreciate India’s assistance in this endeavour.

Today, 200 schools in the Southern Province have been equipped with comfortable classrooms and 2000 Tabs. Moving forward, the schools will undergo digitization, with selected 1250 schools already being connected. Over the next three years, we aim to digitize 10,026 schools and provide necessary teacher training. Graduates with technical expertise from our universities enjoy a 93% employment opportunities in the job market. We must seize the opportunity to lead globally through modern technology”.

Minister of Health and Industry Dr. Ramesh Pathirana:

We deeply appreciate the Government of India for their support in this endeavour. We are currently experiencing one of the greatest periods of this century. The Free Education Act introduced by a former Minister of Education Mr. C. W. W. Kannangara, a native of Galle, significantly increased school enrolment from 52% to 99%.

The numbers of schools expanded from 3000 to 10,000, and instead of a single government university, 13 universities were established. Annual university admissions surged from 250 to 45,000 students. This transformation has propelled Sri Lanka from lagging behind in the global industrial revolutions to progressing alongside the world.

In the next century, leveraging Artificial Intelligence, computer knowledge and modern technology presents an opportunity to advance in parallel with the global community. A Smart educational framework must be established to achieve this goal. President Ranil Wickremesinghe is currently spearheading educational reforms with a visionary approach.

Indian High Commissioner to Sri Lanka, Mr. Santosh Jha:

As India’s neighbour, we consistently extends support to Sri Lanka. Sri Lanka holds a crucial position in our foreign policy. India remains steadfast in its commitment to providing essential infrastructure and technical knowledge support to Sri Lanka.

The event was attended by Deputy Speaker Ajith Rajapaksa, State Minister Mohan Priyadarshana, Member of Parliament Sampath Athukorala, along with a delegation of education officials, principals, and students from the Southern Province.

President Ranil Wickremesinghe stressed the importance of those entering the teaching profession dedicating themselves to the future generation, noting that education in a country cannot thrive without discipline.

He declared that no one would be permitted to disrupt school education between 7:30 am and 1:30 pm and he has directed the Attorney General to consider further measures to ensure this.

The President made these remarks while attending a ceremony at Temple Trees today (03), where appointments were awarded to officers of the Education Administrative Service, as well as teaching appointments to graduates and diploma holders.

The president, who requested that everyone prioritize children’s education, also asked the opposition not to support acts of sabotage.

Furthermore, the President mentioned that he has discussed with the Minister of Education the future process of teacher transfers and promotions through an online system, emphasizing that no one will face injustice in these matters.

Appointments were granted to 60 individuals approved by the Education Service Committee of the Public Service Commission, and teaching positions were awarded to 1,706 graduates and 453 English diploma holders.

President Ranil Wickremesinghe symbolically presented several appointments to them.

The president further elaborated,

Congratulations to all of you entering the administrative and teaching services. Today, you are assuming a very important responsibility.

Even when the country faced bankruptcy in the past two years, and as we took steps to recover, funding for education was increased.

Teachers were recruited not only for existing vacancies but also for future needs. It must be said that even in difficult times, these steps were taken with a focus on the country’s future.

Our future is our children. That is why the government is committed to equipping the next generation with new knowledge and modern technology in a changing world. This is a responsibility we all share.

Therefore, everyone entering this honourable profession should dedicate their service to the future generation and must be disciplined.

Education in a country cannot be maintained without discipline. You may have 40-50 students in your classroom, but there is a difference between a teacher and a military officer. Military officers train adults, whereas you will be guiding a group of individuals under 18 years of age who need proper training and attention. If we do not protect the country’s education system and allow it to be disrupted, we will lose our future generation.

To build the country’s economy, we must move forward rapidly. In the next 20-25 years, we should aim to raise our Gross Domestic Product (GDP) from USD 85 billion to at least USD 350 billion for our future generations.

It is, therefore, the responsibility of all of us to focus on and prioritize the children’s future. The teaching profession is distinct from other services; it carries a unique dignity that must be upheld.

Today’s schools must uphold discipline. Strikes in schools are detrimental and unjustified. In 2022, under President Gotabaya Rajapaksa’s administration, the only salary increase was for teachers. This year, we provided a stipend of Rs. 10,000 for all government employees. Given the country’s economic situation, further increases were not feasible. Some trade unions have requested a revision and additional salary increases, which is surprising considering teachers have already received two salary increments.

Recently, teachers went on strike, abandoning classrooms to protest at the Colombo Fort railway station. University students and others joined, demonstrating and attempting to reach the Presidential Secretariat, even amidst tear gas. While protests are not new, such actions do not befit the honourable teaching profession.

In the past, teachers on strike would still teach without signing attendance books, or they might wear a black armband while continuing their duties, as seen in some countries. However, the most recent strike was entirely different.

This situation did not occur in Tamil and Muslim schools, where educational activities for children continued. Similarly, international schools and private schools maintained their educational activities effectively.

However, Sinhala-medium schools had to face disruptions. Children from rural areas attend these schools. I question whether this is also a responsibility of the teaching profession. Teachers of Tamil and Muslim schools recognized the importance of education. When Sinhala-medium schools in places like Nuwara Eliya were disrupted, education continued in Tamil-medium schools. Such disparities should not exist in our country.

In certain schools, teachers faced threats preventing them from attending. People fault the government for its lack of action and accuse the opposition of backing such incidents. This situation is troubling.

No one, whether directly or indirectly, should disrupt school education from 7:30 am to 1:30 pm. I have requested the Attorney General to propose measures regarding this issue. It is imperative that the education of children is not hindered by school closures or strikes. Our actions must be taken with future generations in mind.

Yesterday, I discussed with the minister the possibility of implementing a computerized teacher transfer system. Fairness must prevail in promotions and in the treatment of teachers. Moving forward, we will take stronger measures on this front, even if it may provoke dissent. This is the reality we must confront to secure a better future for our children.

Therefore, I urge everyone to prioritize the future of our children. I particularly appeal to the opposition not to endorse actions that sabotage education. We must heed the voices of the people and parents in our decisions. Once again, I extend my best wishes to all entering the teaching profession today.”

Minister of Education, Susil Premajayantha,

“Granting these teacher appointments is not an easy task. We undertook the task amid an economic crisis, striving to fulfil nearly 2000 appointments for national schools today. The economic strategy led by President Ranil Wickremesinghe aimed to alleviate the country’s financial challenges and establish stability has shown promising results.

During a period of economic turmoil, as the Minister of Finance, President Ranil Wickremesinghe appointed you while allocating funds. I urge you not to jeopardize the future of our children by accepting these appointments and participating in trade union actions. Your educational journey as a graduate was made possible by the dedication of teachers. It is crucial to ensure our children receive education and pursue careers, lest their future be obscured.

In the past, teachers took trade union action against a bill proposed by Minister of Education Mr. Iriyagolle, teaching children without signing the book. I believe their actions serve as a commendable example.

President Ranil Wickremesinghe, during his tenure as Minister of Education, established the National Institute of Education and significantly strengthened the educational infrastructure. He also introduced the University Grants Commission Act, and under the current president’s leadership, science faculties have been established, producing approximately 5000 teachers annually. Having someone with such a distinguished record in the sector of education as the current president is a great asset to the education sector.

In the upcoming education reforms, efforts are underway to ensure that university graduates have ample job opportunities without the need for undue influence. These reforms aim to produce graduates well-suited for the job market. Proper management of human resources through education can significantly bolster a country’s economic strength.Governor of the Western Province Marshal of the Air Force Roshan Gunathilake, State Ministers Vijitha Berugoda and Aravind Kumar, and Secretary to the Ministry of Education Thilaka Jayasundara were also present at the event.

President Ranil Wickremesinghe recently emphasized that as the country builds a new economy, it is crucial to establish a new political system. This system must foster individuals who can take responsibility and speak the truth fearlessly.

He made these remarks during the bankers’ forum organized by the National Bankers Association at Galle Face Hotel, Colombo, yesterday (05).

The President stated that he has openly communicated the economic challenges facing the country to the people and has outlined a clear program to lead the nation out of the crisis.

The President emphasized that there is no alternative program for the country and that it is everyone’s responsibility to identify and support the necessary program for the country’s economy, rather than living in dream worlds.

He pointed out that while some have cited Argentina’s Martin Guzman as an example, he considers Guzman a failure.

Additionally, although some have suggested that he ask for money from world leaders, the President stressed that the Sinhalese nation is not a beggar nation but one that rises through self-reliance.

The President stated that his goal is to steer the country towards rapid development through an export-based economy. He mentioned that the necessary legal framework for creating an export economy has been presented to Parliament and highlighted the banking system’s significant responsibility in advancing this program.

The National Bankers Association also presented a special commemorative gift to the President at the occasion.

Subsequently, a discussion was held featuring President Ranil Wickremesinghe, former Minister of Finance Minister Ravi Karunanayake, and Senior Adviser to the President on Economic Affairs Dr. R.H.S. Samaratunga.

The President further elaborated;

“Today, we have made significant economic progress. I need not remind you of what happened from the Jetwing Hotel to the Galle Face Hotel in those days. During that journey, my house was also burned down. Despite these challenges, we have moved forward, but there is still a long way to go. I made it clear back then that if we do not protect our banking system, we cannot safeguard our economy. A collapse in the banking system would lead to an economic collapse.

At that time, I had to take charge of the country. Together, we initiated efforts to uplift the country’s economy, and today, we are seeing the results. Progress does not happen overnight.

Efforts have been made to reduce the loan repayment by USD 8 billion over a period of four years. The economy is once again developing. Now, we have reached a crucial turning point as a country. With the USD 8 billion in debt relief, we are now free to pursue a new economy. We have submitted the necessary legal framework to Parliament to create an export-oriented economy.

We need to progress from this point forward, and the banking system plays a crucial role here. How do we secure funding? Foreign investment is essential for the banks to thrive. We have not yet achieved this objective.

While we have repaired the fractured economic system and made strides, the broken political system remains unresolved.

Former leaders fled in fear during that time. What does this say about political leadership in our country? Can such leaders propel the nation forward without solutions? They fled in fear that day because they lacked answers.

Following the former president’s resignation, the country’s peace and stability began to deteriorate. Some urged me to resign as Prime Minister. Can a country progress under such a political system?

When we introduced the Economic Transformation Bill, Mr.Sunil Handunnetti filed a case advocating for an import-based economy. Today, our economic challenges stem from operating within an import-oriented economy.

Regarding Argentina’s Martin Guzman, some consider him a failure, while others suggest traveling the world to seek financial aid from leaders. I’ve stated firmly that neither I nor the Sinhalese nation is beggars. Despite this, some still advocate for change. Does this imply advocating for an import-based economy?

Once, I questioned former President Gotabaya Rajapaksa about his decision to lower taxes against the advice of the International Monetary Fund during an economic crisis. He explained that businessmen had urged for tax reductions, which is true. I am aware of this. People also questioned why I hadn’t reduced taxes. President Gotabaya Rajapaksa acted, but today, few support his decision. Today Mr. Gotabaya Rajapaksa has isolated.

We must choose wisely and advance with the program that our country truly needs, avoiding the lure of unrealistic ideals.

It’s crucial to grasp the truth and take decisive action. The decisions we make today will shape our future. As we rebuild the nation’s economy, we must also reform our political system. This entails cultivating individuals who can shoulder responsibility and progress, and who bravely speak the truth without fear. Without this foundation, our country lacks a viable future.

Honesty has always been our policy. In politics, there should be no fear of speaking the truth, irrespective of one’s stance towards the government. I united people from various political factions to lead this government forward. While party discipline was lacking, governmental discipline prevailed. Despite challenges, we garnered support, including from young MPs of Podujana Peramuna, who joined us without regard for their political futures. Our political system has yet to match the economic groundwork we’ve laid today. This must be our focus moving forward.

Senior Adviser to the President on National Security and Chief of Presidential Staff Sagala Ratnayaka;

When Mr. Asela Fernando convened the association meeting on April 22, 2022, our country was amidst a severe crisis, nearing its peak. At that time, Mr. Ranil Wickramasinghe was a Member of Parliament, the sole representative of our party. Everyone urged him to attend and address the bankers gathered there. I vividly recall the questions posed to him on that day and the guidance he imparted.

During the meeting, he stressed the importance of engaging directly with the International Monetary Fund (IMF). He had already raised this issue in Parliament and with government leaders. Upon assuming the presidency shortly afterward, he swiftly began addressing each of these challenges step by step, implementing the advice he had advocated.

Initially, we prioritized law and order, implementing numerous reforms to shape the current state of our country. This included efforts to manage tax policies and public expenditures effectively. Sri Lanka achieved a significant milestone as the first country in the region to receive a Governance Assessment Report from the International Monetary Fund. Based on this report, we initiated measures to address 15 key issues, including combating fraud and corruption.

As a result, we have attained a degree of stability today. Our on-going debt restructuring program is progressing successfully. We seek the support of the banking sector to bolster the country’s economy. With your collaboration, we can accelerate the country’s development significantly.

The event was attended by Advisor to the President on Parliamentary Affairs Ashu Marasinghe, Director-General of Presidential Trade Unions Saman Rathnapriya, Colombo Port City Economic Commission’s Chief Operating Officer, Revan Wickramasuriya, Chairmen of both public and private banks, Secretary of the National Bankers’ Association Asela Fernando, bank officers, executives, and various individuals from the banking sector.

State Minister for Finance Shehan Semasinghe, announced that all uncertainties surrounding Sri Lanka’s debt sustainability have been resolved.

He noted that while the international community has shown optimism about Sri Lanka’s debt restructuring, some local parties remain sceptical for political reasons.

State Minister Semasinghe made these remarks during the press briefing titled “Collective Path to a Stable Country” held at the Presidential Media Centre today (02).

Addressing the Media Personnel, the state minister further elaborated;

The good news about debt restructuring, which is crucial for rebuilding the country’s economy, has been received. On June 26, agreements were reached with the Official Creditor Committee and the Paris Club countries as bilateral creditors. Additionally, an agreement was made with China Exim Bank on the same day, completing two essential aspects of debt restructuring.

The international community has expressed optimism about Sri Lanka’s debt restructuring. However, some parties refuse to view this process positively for political reasons. It is very unfortunate for the country. Initially, we believed that the criticism from some parties stemmed from a lack of understanding of our efforts.

It is now evident that those statements are made due to political hypocrisy. This was clearly demonstrated by the opposition when President Ranil Wickremesinghe addressed Parliament today. Therefore, the public should recognize the extent to which political manoeuvring is interfering with the country’s economic progress.

Comments were made about the situations in countries like Ghana, Ecuador, and Argentina. However, it’s important to understand the differences in debt restructuring between low-income and middle-income countries. Debt restructuring in Sri Lanka, a middle-income country, is more complex than in low-income countries. Despite this, Sri Lanka is ahead in the debt restructuring process compared to other middle-income countries.

Additionally, we are prepared to demonstrate three key points regarding debt restructuring. Our creditors have granted a grace period from 2024 to 2027 for debt repayment. During this period, we have the opportunity to use approximately USD 5 billion for the benefit of the country’s people.

By 2032, the public debt-to-GDP ratio should be reduced to 95%. The gross financial requirement needs to be lowered to 13% between 2027 and 2032, and foreign debt servicing should be reduced to 4.5% during the same period.

We have now agreed on a specific debt restructuring plan to achieve these three goals, eliminating all uncertainties regarding the country’s debt sustainability.

Through this economic management approach, inflation in Sri Lanka has decreased from 70% to 1.7%. Additionally, the interest rate for one-year treasury bills has reached 10% in the country’s Treasury bill auction.