INSUBCONTINENT EXCLUSIVE:
Addressing the Business Roundtable organized by BOI Sri Lanka and the Swiss-Asian Chamber of Commerce yesterday, during his official tour to
Switzerland to attend the 54th Annual Meeting of the World Economic Forum, President Ranil Wickremesinghe highlighted significant strides in
nation faced, noting the adverse effects of the recent crisis on businesses, small enterprises and the overall population
He mentioned a constructive meeting with the International Monetary Fund (IMF), where it was surprising to learn that Sri Lanka had over
performed despite the difficulties.One key aspect highlighted by the President was the successful debt restructuring in collaboration with
the IMF, emphasizing its necessity for dealing with creditors
He outlined the reforms undertaken in 2022 and 2023, addressing crucial business impediments and resolving supply bottlenecks in fuel and
Additionally, import restrictions were lifted, foreign exchange liquidity was restored and a primary surplus in the balance of payments is
anticipated for the first time since 1977.President Wickremesinghe highlighted positive indicators such as the stabilization of the
currency, a significant reduction in inflation, and the reversal of negative economic growth from the third quarter of 2023
The achievement of a primary budget surplus in 2023 marked a notable improvement.The President went on to discuss the effective progress in
debt restructuring, with key creditors agreeing in principle
investments, including foreign direct investment (FDI)
He announced concluded and upcoming FTAs with Singapore, Thailand, India and China, along with ongoing talks with other South Asian nations
Plus for access to European markets.The address concluded with the President unveiling opportunities for investments in renewable energy,
agriculture modernization, tourism, IT and infrastructure development through public-private partnerships
He highlighted forthcoming laws and commissions aimed at enhancing market access, fostering trade and investment and ensuring the
President Wickremesinghe reassured foreign investors by mentioning the removal of restrictions and the ongoing commitment to economic
encompassing both economic and governmental facets.Mr
Ratnayaka highlighted that alongside economic reforms, the government embarked on an extensive array of changes
This included a proactive engagement in a diagnostics exercise initiated by the International Monetary Fund (IMF).Notably, the government
did not wait for the completion of the IMF diagnostics exercise but initiated various measures beforehand
Initiatives like the establishment of the Parliamentary Budget Office were implemented even before the governance diagnostics report was
published.Subsequent to these initial steps, a comprehensive program was launched to implement diagnostic reforms
Ratnayaka underscored the significance of introducing critical legislation, such as the anti-corruption law
He explained the process by which the Constitutional Council would recommend commissioners for the Anti-Corruption Commission to the
Emphasizing a forward-looking approach, Mr
Ratnayaka affirmed that all undertaken actions aim to elevate international standards.The Senior Advisor highlighted the introduction of a
substantial number of pieces of legislation on the governance front, with approximately 20 already completed
Looking ahead, the focus includes labour laws, with a target of 40 or 50 new laws and the consolidation of around 40 to 50 existing
legislations into a modern, forward-looking framework
The overarching goal is to create a favourable environment for employers and align Sri Lanka with contemporary global standards.The Business
Roundtable provided a platform for Sri Lanka to showcase its economic resilience and commitment to growth, leaving attendees optimistic
