News

Minister of Wildlife and Forest Resources Conservation and Irrigation Pavithradevi Wanniarachchi revealed that the Ministry of Finance has granted approval to deploy 4,500 multi-tasks development officers to aid elephant-fence conservation efforts within the Ministry of Wildlife.

The minister also stated that the demarcation of forest boundaries, which is part of the project aimed at increasing the country’s forest coverage to 32% of the total land area, is anticipated to be finalized this year.

Minister of Wildlife and Forest Resources Conservation and Irrigation Pavithradevi Wanniarachchi made these remarks during her participation in a news conference held at the Presidential Media Centre today (11), focusing on the theme ‘Collective path to a Stable Country’.

The Minister further commented that the International Day of Forests falls on March 21.

‘Concurrently, efforts are underway to distribute one plant to each household across the island, with forest extension officers being deployed for this purpose. A program has already been initiated to boost forest population while safeguarding water catchment areas. This program, commencing from Ratnapura district, is aimed to be extended nationwide.

Additionally, the demarcation of forests is slated for completion this year in connection with the initiative to raise the forest coverage to 32% of the total land area. This falls under the purview of the Department of Forest Conservation within our Ministry.

Furthermore, Uma-oya has achieved successful completion of the first phase. This phase enables the provision of new water to 20,000 acres of land. Test-level rehearsals are underway to supply 45 MCM (million cubic meters) of drinking water to the Lower Uma-oya area and to generate 120 MW (megawatts) of hydropower. Notably, 120 megawatts of hydropower generation are also set to be integrated into the national power system.

Furthermore, 7,500 hectares have been equipped with irrigation facilities for vegetable and fruit farming through the Minipe anicut project during Yala and Maha season. To achieve this, 3.5-metre Minipe anicut has been constructed, and a canal spanning 74 kilometres to transport water has been fully prepared. Approximately 15,500 families stand to benefit from these developments.

Additionally, preparations are underway to supply water to 350 small tanks and 7 medium-sized tanks situated 90 kilometres northwest of the Wa-Madilla Reservoir through the Northwest Canal. A two-kilometre tunnel is set to be built within the canal, alongside renovations planned for two main tanks. This initiative aims to furnish safe irrigation water and 10 MCM of drinking water to 75,000 families.

Furthermore, a 96-kilometre canal is currently under construction, stretching from the Moragahakanda Reservoir to Hurulu Lake and Mahakanadarava, aimed at transporting irrigation water to the North Central Province. This ambitious project includes a 28-kilometre tunnel. Once completed, it will provide safe water facilities to 2,300 hectares of land and benefit 175,000 families.

Additionally, the canal will have the capacity to supply water to 1,300 small tanks, while also facilitating the provision of 40 MCM (million cubic meters) of drinking water.

Additionally, the Ministry of Finance has granted approval for the assignment of 4,500 multi-tasks development officers to the Wildlife Ministry for elephant fence conservation. It is important to note that no new employees will be recruited for this purpose. Furthermore, the approved multi-purpose development officers are already engaged in elephant fence conservation efforts.

State Minister for Education Arvindh Kumar said that reform entails advancing the General Certificate of Education Advanced Level exam to Grade 12, preceding Grade 13, and advancing the General Certificate of Education Ordinary Level exam, currently held in Grade 11, to Grade 10.

He made this statement during the media briefing at the Presidential Media Centre, held under the theme “Collective Path to a Stable Country.”

He added that the government is poised to introduce a “Pre-Grade” program before Grade One, recognizing the cognitive abilities of today’s children and their rapid learning potential.

State Minister Kumar said that as part of enhancing the education sector, the government plans to increase the number of zonal education offices from around 100 to 120, facilitating better governance and oversight.

Sri Lankan President Ranil Wickremesinghe convened a crucial party leader’s meeting at the Presidential Secretariat today to deliberate on the IMF proposals.

The meeting saw the participation of various stakeholders, including TNA Parliamentarian M. A. Sumanthiran.

During the discussions, Secretary to the Treasury Mahinda Siriwardena provided insights into the ongoing negotiations with bilateral creditors, commercial creditors, and ISBs, with an optimistic outlook towards completing the process by the end of June this year.

Notably, MP Sumanthiran raised pertinent concerns regarding the lack of published technical assistance reports of the IMF which is an analysis as to why certain recommendations are made, which is a necessity for the publication of analytical data to inform parliamentary deliberations.

President Wickremesinghe, acknowledging the importance of transparency, assured that the government would release the data to the TNA and Parliament, facilitating informed debate and decision-making.

Furthermore, Central Bank Governor highlighted the government’s efforts in adhering to the recommendations outlined in the governor’s diagnostic report, emphasizing the commitment to a structured roadmap for implementation.

President Wickremesinghe affirmed the government’s willingness to make these technical assistance reports available to the members of parliament and invited Mr. Sumanthiran and other Opposition members to attend a meeting and engage with the IMF to further discuss the proposals.

In response, MP Sumanthiran expressed his readiness to participate constructively in the dialogue, pledging support for constructive measures while highlighting areas that warrant attention and rectification.

The initiative undertaken by President Wickremesinghe underscores the government’s proactive approach to fostering transparency, accountability, and bipartisan cooperation in navigating crucial economic decisions for the benefit of all citizens.

Present at the meeting with President Ranil Wickremesinghe were Prime Minister Dinesh Gunawardane, Leader of the House Susil Premajayantha, State Ministers of Finance Shehan Semasinghe and Ranjith Siyambalapitiya, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayaka, Secretary to the President Saman Ekanayake, Governor of the Central Bank Dr. Nandalal Weerasinghe, and Secretary to the Treasury Mahinda Siriwariwardena, representing the government. Representing the Opposition TNA Parliamentarian M.A. Sumanthiran attended the meeting.

Source: PMD

An IMF mission called on Sri Lankan President Ranil Wickremesinghe at the Finance Ministry in Colombo.

During the meeting between President Ranil Wickremesinghe and the IMF team at the Finance Ministry, Peter Breuer, the Senior Mission Chief for Sri Lanka, emphasized that the IMF program is exhibiting promising signs of efficacy, translating into tangible outcomes.

He commended the authorities for their unwavering commitment to the program’s implementation, noting that such dedication is instrumental in driving positive change.

Breuer further expressed his satisfaction at witnessing the economy starting to turn around, underscoring the significance of this progress.

This statement resonated with both President Wickremesinghe and the IMF team, highlighting the collective efforts and collaboration that have contributed to Sri Lanka’s economic recovery.

Against the backdrop of Breuer’s positive assessment, President Wickremesinghe reiterated his government’s steadfast commitment to sustaining the momentum and advancing the nation’s economic agenda.

This acknowledgment of progress underscores the shared vision between Sri Lanka and the IMF in fostering economic stability and growth. As discussions progressed, President Wickremesinghe and the IMF team delved into various aspects of Sri Lanka’s economic performance, focusing on fiscal stability, structural reforms, and future outlook. Their exchange of insights and strategies underscored the importance of continued collaboration and proactive measures in navigating challenges and fostering sustainable economic development.

In conclusion, the meeting between President Ranil Wickremesinghe and the IMF team at the Finance Ministry today highlighted the positive outcomes of Sri Lanka’s engagement with the IMF program. Breuer’s remarks served as a testament to the collective efforts and commitment towards achieving economic prosperity, further reinforcing the optimism surrounding Sri Lanka’s economic trajectory.

Source: PMD

SriLankan Airlines should show operational and financial progress in the next six months, Minister of Aviation Nimal Siripala de Silva said.

Minister Nimal Siripala said progress should be shown as the Government has provided necessary assistance by absorbing the USD 510 million outstanding debt by the national carrier.

SriLankan Airlines has faced severe criticism in the recent past due to the severe inconvenience caused to passengers as a result of operational issues.

However, based on a proposal by the President, as the Finance Minister, the government has allocated funds to cover US$ 510 million from the total US$ 1.2 billion debt that the airline owed to banks and other institutions, he said.

The minister said that accordingly, with an attractive financial balance sheet, SriLankan Airlines plans to undergo restructuring in the next six months.

Minister Nimal Siripala further said that unnecessary expenses of the airline must be cut down, while good financial discipline should be established in the company during the next 6 months.

Stating that administration officials and Trade Union representatives must work together to support this cause, he also warned that there will be instability in the jobs of nearly 6000 employees.

According to Lankadeepa newspaper, Minister Nimal Siripala de Silva made the remarks during a special discussion held with the administration and trade union representatives of SriLankan Airlines today (Mar 11).

President Ranil Wickremesinghe has revealed plans to introduce two significant bills aimed at advancing gender equality and empowering women, with both slated for presentation to Parliament in May.

Addressing the National Celebration of International Women’s Day today (Mar 08), the President outlined the key provisions of these legislative initiatives.

According to the President’s Media Division (PMD), under the proposed Women’s Empowerment Act, the establishment of a separate commission is envisaged.

This commission’s primary objective will be to facilitate the advancement and empowerment of women by implementing mechanisms to protect their rights, all in accordance with Constitutional provisions.

President Wickremesinghe also noted that the draft of this bill was published in the Gazette yesterday (Mar 07), marking a significant step towards its realization.

President Ranil Wickremesinghe led the vibrant festivities of the 2024 IORA Day celebration at Galle Face Green today (10), underlining the imperative of “Ensuring a Sustainable Indian Ocean for Future Generations”. As Sri Lanka helms the Chairmanship of the Indian Ocean Rim Association (IORA), this event holds significant resonance.

The Indian Ocean Rim Association (IORA), comprising 23 Member States and 12 Dialogue Partners, stands as a crucial platform for fostering regional cooperation. Sri Lanka’s assumption of the Chair of IORA last year marked a pivotal moment, with the Ministry of Foreign Affairs spearheading the commemoration of the inaugural ‘IORA Day’ under Sri Lanka’s leadership.

The Indian Ocean Rim Association (IORA), established in 1997, is commemorating its 27th anniversary this year. Sri Lanka, recognized for its efforts to restore mangrove ecosystems, was recently honoured with the United Nations World Restoration Flagship Award.

Against this backdrop, with Sri Lanka emerging as a leading advocate for ocean conservation and sustainable development, hosting the celebration of “IORA” Day 2024 holds significant importance. The event witnessed the participation of over a thousand students engaging in various activities.

This year’s theme, “Sustainable Indian Ocean for Future Generations”, underscores the paramount importance of ocean conservation and awareness. President Ranil Wickremesinghe, amidst the festivities, actively engaged with school children participating in various educational activities, and perused stalls showcasing initiatives by IORA member states and government institutions.

The culmination of the celebrations at Galle Face Green in Colombo witnessed a rich array of events, including the recognition of Art competition winners, exhibitions of selected artwork, and an array of ocean-related educational stalls. Diplomatic Missions of IORA Member and Dialogue Partner States, alongside UN agencies based in Colombo, lent their presence to this momentous occasion.

President Wickremesinghe took the opportunity to interact with the enthusiastic students participating in the event’s activities. Additionally, he visited the stalls set up by the embassies of member countries of the association and explored exhibition booths established by government institutions, further enhancing the significance of the celebration.

In 2024, as part of the celebration of the 27th anniversary of the Indian Ocean Rim Association (IORA), captivating marine life shaped kites were released into the sky, adding to the festive atmosphere.

Additionally, all the schoolchildren present were given the unique opportunity to embark on a sea trip aboard the Sri Lanka Navy’s “Princess Lanka” boat, aimed at providing them with a deeper understanding of the Indian Ocean.

The event was attended by dignitaries including Minister of Foreign Affairs Ali Sabry, Minister of State Tharaka Balasuriya, Secretary of the Ministry of Foreign Affairs Aruni Wijewardene, Secretary-General of IORA Dr. Salman Al Farisi, Ambassadors and High Commissioners of member countries, diplomatic officials, officials of the Ministry of Foreign Affairs, Chief of Defence Staff General Shavendra Silva, Navy Commander Vice Admiral Priyantha Perera and other esteemed guests. Their presence added to the significance of the occasion, highlighting the importance of collaboration and cooperation within the Indian Ocean region.

PMD

State Minister Lasantha Alagiyawanna has been elected as the chairman of the Committee on Public Accounts (COPA).

Meanwhile, SLPP MP Rohitha Abeygunawardena has been elected the chairman of the Committee on Public Enterprises (COPE).

New MPs nominated to the COPA are as Tissa Attanayake, Kabir Hashim, Niroshan Perera, J. C. Alawathuwala, Ashok Abeysinghe, Sivagnanam Shritharan, Hector Appuhamy, M. Udayakumar, Weerasumana Weerasinghe, Dr. Harini Amarasuriya.

Meanwhile, MPs Anura Dissanayaka, Rauff Hakeem, Dilan Perera, Dayasiri Jayasekara, Eran Wickramaratne, Nalin Bandara Jayamaha, S. M. Marikkar, Hesha Withanage, Shanakiyan Rajaputhiran Rasamanickam, Gamini Waleboda, Prof. Charitha Herath have been nominated to serve in the COPE.

(adaderana.lk)

The National Water Supply and Drainage Board announces challenges in maintaining continuous water supply due to the ongoing dry weather and the resulting increase in daily water demand.

According to Anoja Kaluarachchi, Deputy General Manager of the NWSDB, some areas have experienced limited water supply or low water pressure.

The Board has also established a hotline for residents to lodge complaints regarding water supply issues.

On a positive note, Kaluarachchi added that the temporary salt barrier to prevent saltwater intrusion at the Ambatale and Biyagama water pumping stations has been completed.

Former president Gotabaya Rajapaksa has announced the publication of his book titled “The conspiracy to oust me from the Presidency”.

The book will be available in both English and Sinhala languages at leading book stores from tomorrow (07), he said in a media statement.

The statement said,

Foreign intervention has weighed heavily on Sri Lanka since we won the war against the Liberation Tigers of Tamil Eelam in 2009.

From the time I was elected President in November 2019, certain foreign and local parties were intent on removing me from power.

The entirety of my two and a half year tenure in power was spent combating the Covid-19 pandemic that swept through Sri Lanka and the whole world soon after I took office.

Conspiratorial forces commenced the political campaign to oust me from the presidency at the end of March 2022 after the pandemic had been brought under control and the vaccination campaign had been concluded and just when the economy was beginning to recover.

Today, foreign intervention and the manipulation of internal politics has become a fact of life in Sri Lanka in a manner never experienced in the first sixty years of independence of this country.

The political campaign to oust me brought in a new element into the politics of Sri Lanka which has since independence experienced only peaceful transfers of power following elections.

As such the events of 2022 are fraught with serious implications for the future of this country.

What this book explains is the first-hand experience of an internationally sponsored regime change operation.

As such I believe this book will be of interest not only to Sri Lankans but also to foreigners.

In a ceremony held at the District Secretariat Auditorium, the government returned ownership of lands to rightful owners in the Jaffna peninsula on 10 March 2024. This marks the 24th consecutive release of lands previously occupied by the military.

A total of 109.56 acres were returned, including five plots in Jaffna District and seven in Kilinochchi District. Currently, only 0.5% of lands remains occupied by the military, deemed essential for maintaining normalcy and security in the area.

The release of lands is part of an ongoing effort by the Sri Lankan government to return occupied lands to their rightful owners. The process is carried out under the guidance of the Commander of the Army, Lieutenant General Vikum Liyanage RWP RSP ndu and the supervision of the Commander of the Security Forces - Jaffna, Major General Chandana Wickramasinghe.

Hon. Sagala Rathnayake, the Chief of Staff to the President and National Security Advisor, participated in this historical event as the Chief Guest. Senior Military Officers, overlooking District Secretaries of Jaffna and Kilinochchi, and government agents of both districts were present during the ceremony.

• The future distribution of emerging economy benefits to a larger population.
• Systematic implementation of activities based on a scientific plan.
• Integrity in leadership: Never compromised for power.
• Prioritizing national reconstruction over personal ambitions.
• Politicians’ disconnect: Dreaming of power while ignoring reality.
• A nation rejoices as economic hardships fade away.
• Parliament passes vital Ordinances for government programs.
• Introduction of economic reforms bill to Parliament imminent.

President Ranil Wickremesinghe has asserted that the nation’s economy is experiencing robust growth as a result of the government’s initiatives.

According to the President’s Media Division (PMD), consequently, the President pledged further assistance to the people in the future.

Stressing the methodical and scientific execution of these endeavours, the President emphasized his commitment to truthfulness over political gain.

He clarified that his current endeavours are dedicated to national reconstruction rather than personal power accumulation.

Addressing Parliament today (06), President Wickremesinghe lamented the tendency of certain political factions to prioritize rhetoric over tangible solutions.

He argued that the intricacies of the country’s economic challenges defy simplistic remedies, urging those versed in economic matters to acknowledge this reality. With the government’s strategy yielding tangible results, he urged swift legislative action to cement these gains, signalling the forthcoming submission of the Economic Reforms Act.

In conclusion, President Wickremesinghe urged a collective decision on whether to persist with the current trajectory, which promises economic revitalization, or risk regression to the dire circumstances of eighteen months prior.

President Ranil Wickremesinghe’s full address to the Parliament:

It is widely acknowledged that our country has achieved a certain level of economic stability at present. However, there are individuals who criticize the programs we enact without demonstrating acceptance of them. Despite the apparent strength of the economy, there are accusations that the general populace isn’t experiencing its benefits. Furthermore, there are claims of unnecessary tax burdens on the people, as well as excessive hikes in electricity bills and fuel prices. There’s a commonly held belief that taxes should be collected from the people gently, akin to plucking flowers without crushing them. However, criticism is directed towards us for not adhering to this principle. Yet, it’s important to note that these critics overlook the opportunities available to harvest flowers while crushing them to generate revenue. This lesson is quite profound. Under typical conditions, it’s feasible to extract nectar without damaging the flowers. However, in the intermediate space, this isn’t always possible, as the situation differs significantly.

Today, we find ourselves journeying towards intermediate space, but our path has recently led us across a dangerous economic vine bridge. We find ourselves in a precarious situation due to several factors contributing to the collapse of our economy into bankruptcy. One significant reason is the short-sighted decisions made by past governments. Their failure to implement sustainable economic policies has exacerbated our current challenges. Additionally, various political parties have opposed numerous constructive government initiatives, leading to disruption and hindrance of positive work plans.

The destruction of public property further exacerbates the situation, adding to the economic turmoil we face.

Consequently, our nation requires a structured economic blueprint, a robust financial plan to navigate through these challenges. Despite several attempts to implement such a plan, we’ve struggled to do so consistently due to the lack of continuous opportunities.

I would like to excerpt a segment from an article authored by Dr. Chandima Wijebandara in 1989, published in the Budhusarana newspaper. In the mentioned article, Dr. Chandima Wijebandara discusses the “Kootadantha Sutra”, a teaching expounded by the Buddha. “Development is unattainable without a blueprint. The ‘Kootadantha Sutra’ from the’ Dīgha Nikāya’ explains the vital importance of such plans for development. It illustrates how a government, faced with an anti-government crisis raised by the proletariat in an underdeveloped nation, managed to develop the country through a structured plan. This plan is grounded in state-based economic strategies. Moreover, the sutra reveals that the public thrived not only economically but also enriched themselves in terms of values, fostered positive social relations, and lived contentedly and harmoniously.” We failed to adhere to a scientific and methodical approach like the one outlined. Certain groups obstructed the implementation of such a strategic plan.

Consequently, the ramifications are evident in the country’s current state. It has plunged into bankruptcy, unable to repay loans and withstand the economic pressures. During this period, the entire society, from ordinary citizens to major entrepreneurs, endured severe hardships. Power outages became commonplace, ushering in an era of long queues and scarcity. Countless individuals lost their livelihoods as businesses and industries crumbled. Some even opted to flee the country altogether. The nation found itself engulfed in turmoil, descending into an economic abyss. Amidst these trials, the country teetered on the brink of disorder. Governance faltered, and control slipped away, leading to grave danger not only on an economic front but also in terms of social and political stability. No individual stepped forward to confront the frightening task of reversing this dire situation. Despite invitations extended, all declined the opportunity. None possessed the courage to confront the raging inferno head-on and extinguish it.

Amidst the reluctance of others, I courageously accepted the challenge for the betterment of our country. Venturing into the heart of the crisis, I tirelessly worked to extinguish the flames of adversity. Today, the nation reaps the rewards of those arduous efforts, and I am grateful for the unwavering support of those who stood by me during this exhausting endeavour. We embarked on a methodical journey, collaborating with the International Monetary Fund to devise a comprehensive economic plan. Through the diligent execution of this plan, the nation gradually returned to stability. The burdens eased, and the clouds of distress began to dissipate. Before this esteemed House, I would like to present some economic indicators that vividly illustrate this progress. Our economy, which experienced consecutive contractions for six quarters from 2022 to the second quarter of 2023, began to show signs of recovery from the third quarter of 2023 onwards.

Forecasts from international financial organizations suggest that we are poised to achieve a growth rate of 2-3% this year.

Notably, in 2023, we managed to bolster state revenue by over 50% compared to the previous year. Furthermore, we attained a surplus in the primary account last year. This enabled us to settle all outstanding payments owed to contractors who had rendered services to the government over the past three to four years. In the first eight months of 2022, major state-owned enterprises collectively incurred a staggering loss of Rs. 720 billion. However, in the corresponding period of 2023, we successfully transformed this into a profit of Rs. 313 billion. Despite the closure of numerous businesses amid the economic crisis, the resurgence of the economy has encouraged the establishment of new ventures. In 2022, the Company Registrar recorded the registration of 17,819 companies, a figure that rose to 22,376 in 2023. Additionally, in January 2024, 1,995 new companies were registered. Through coordinated macroeconomic demand management efforts between the Central Bank and the Government, inflation dropped from 70 % in September 2022 to a significantly lower 5.9 % by February 2024.

Interest rates have undergone a significant reduction, dropping from over 30% in 2022 to less than 10 % in 2023. This decrease has brought relief to small and medium-sized enterprises (SMEs) and consumers, particularly as inflationary pressures ease. Moreover, the usable foreign exchange reserves, which stood at less than US$ 20 million in mid-April 2022, have surged to surpass US$ 3 billion. Import restrictions have been lifted, with the exception of private motor vehicles. In a notable milestone, the balance of payments achieved a surplus in the current account for the first time since 1977, during the year 2023. This achievement has led to a depreciation of the US$ from Rs. 363 to Rs. 308 as of yesterday, marking a strengthening of the Sri Lankan Rupee.

The impact of this economic progress is evident throughout society today. How many individuals embark on pilgrimages to Anuradhapura and Siripada from hand tractors to large buses? How many undertake journeys to Talawila and Madu Church for religious purposes? How many indulge in leisurely trips to Nuwara Eliya? How many individuals park their cars on the side of the road, open their trunks, and initiate small businesses due to their inability to repay the loans they obtained? And are they now experiencing a sense of freedom? How challenging is it to secure a seat on a long-distance coach? How many travellers fill the unreserved compartments? How many tourists explore every corner of the country? A nation that once struggled to leave their homes is now traversing freely. Previously, they couldn’t afford to put a drop of oil in their car to rush a sick person to the hospital or accompany a deceased loved one to the cemetery. People faced challenges such as not having gas for cooking at home, leading many to prepare meals outdoors. A nation that, when a child fell ill, would go from house to house in the middle of the night searching for a Paracetamol pill.

However, this situation has undergone a remarkable reversal. There are critics who question the economic progress we currently experience, attributing it to the temporary suspension of loan payments. They argue that once the debt is repaid, the nation will regress into a state of hardship. They describe the current situation as an interval in hell, suggesting that despite the apparent progress, underlying challenges remain unresolved. I’d like to underscore that the criticism lacks a factual basis.

Currently, we are actively engaged in discussions regarding the restructuring of all loans, including domestic and foreign loans. We are optimistic that these negotiations will reach a successful resolution soon. Our goal is to obtain temporary relief from debt defaults from 2023 to 2027. Subsequently, we plan to diligently work towards repaying the loans in the period from 2027 to 2042.

Sri Lanka faces a significant burden of debt. By 2022, the country was slated to repay approximately US$6 billion in foreign debt annually, amounting to about 9.5% of the GDP, a considerable strain for any nation. Through successful negotiations for debt restructuring, we aim to alleviate this burden by reducing the annual foreign debt payments to 4.5% of the GDP, a substantial halving of the previous percentage.

If the current trend of economic growth, as observed in 2022 and 2023, persists, we can anticipate maintaining a high percentage of state income. In such a scenario, servicing the debt would no longer pose a burden on the country.

Currently, we have managed to elevate state revenue to nearly 11% of the Gross Domestic Product (GDP). This increase necessitated the imposition of Value Added Tax (VAT). Undoubtedly, this decision was a bitter and challenging one.

We made the decision to implement such a tax with great reluctance. However, considering the economic ailment we face, there are no other viable options. We must endure this temporary pain for the greater good. The implementation of VAT has bolstered the government’s revenue, demonstrating to the international community our capacity to repay the debt. With the increase in government revenues and the revival of the economy, the rupee has strengthened. The strengthening of the rupee has led to a decrease in the prices of imported goods, including fuel. As a result, all VAT-paying companies are now reaping the benefits of the stronger rupee, which extends to the entire country. Furthermore, we anticipate additional benefits in the future.

So, if we continue our current trajectory with the same vigour, our economy will be in significantly better shape by the end of this year. Additionally, we’ve ceased the practice of using taxpayers’ money to cover the losses of government institutions. Instead, we’re restructuring these institutions and transferring them to investors.

The tax network will be expanded, with the total number of tax files surging to over 1 million in 2023, marking a 130% increase. The practice of printing money has been completely halted.

We’re actively pursuing essential legal reforms to strengthen and modernize the legal framework, systems, and processes, aiming to improve public financial and economic management for the benefit of all.

In a ground-breaking move for South Asia, the Governance Diagnostic Report has been released, and on-going efforts are underway to enhance governance and mitigate corruption risks. We’re also attracting investments and establishing a new institution for this purpose.

Efforts are underway to modernize the agriculture sector, with several foreign countries expressing interest in starting large-scale farms under food security initiatives. We’re gradually unlocking foreign markets for exports, focusing on non-traditional export items.

Our goal is to transform the country into a green and digital economy and establish it as a regional economic and service hub, with plans to make the Port City an international financial hub. However, this can only be achieved if we continue to execute our plan diligently.

The measures we’ve implemented so far have allowed us to provide numerous facilities and concessions to the majority of our citizens. Under the ‘Urumaya’ program, two million families will acquire land ownership, reclaiming inherited land lost over generations.

We’ve tripled social security spending to protect the poor and vulnerable from the economic crisis, benefiting 2.4 million low-income families with “Aswesuma.” Around 4.5 million school children are now covered by the “Suraksha” insurance scheme.

Every school teaching information technology now has smart classrooms, and 100,000 school children have received scholarships through the President’s Fund. The funds allocated to patients from the President’s Fund have been doubled.

Development initiatives have begun in numerous villages across 89 Divisional Secretariat divisions as part of the “Kandukara Dashakaya,” with each regional secretariat allocated Rs.100 million for this purpose. Development activities in constituencies are underway through the decentralized budget, and agricultural modernization initiatives have been launched across 25 Divisional Secretariats.

Tourism is on the rise, benefiting many individuals, and we’re working to further enhance its development. The economy, which had contracted, is now gradually recovering, leading to relief for the people.

We’ve suspended the Parate law for business establishments and offered relief on electricity bills this week. Additionally, we aim to exempt items such as books, school equipment, health equipment, and medicine from the VAT list to continue reducing the VAT rate.

We’re diligently strengthening the economy each day, striving tirelessly to improve the lives of our people and fortify the economy. Our actions are guided by a strategic plan, ensuring a systematic and methodical approach.

Some suggest retail solutions or collecting funds from Sri Lankans abroad, but these are deemed inadequate by those with economic knowledge. Currently, we must decide whether to continue on our current path, reaping the benefits of our economic trajectory, or risk returning to a state of distress.

To sustain our current course, I anticipate presenting the necessary ordinances and regulations to Parliament, including the Economic Reform Act. My actions are not driven by personal popularity or power but by a dedication to the future of the country.

While certain segments of society have faced hardships due to our current practices, we’re striving to uplift the entire society and establish a sustainable economy where growth benefits all. As Professor Henpitagedara Gnanavasa Thero emphasized in 1983, addressing economic problems collectively is key to fostering societal peace and happiness.

Let’s execute our economic plan in this manner to resolve the issues and strengthen the economic practice of uplifting the entire society. I urge all members of this assembly and all Sri Lankan citizens to join us in this righteous journey.