Colombo:
In the face of an unprecedented economic crisis in Sri Lanka, President Ranil Wickremesinghe. Has said the only option out of the crisis is to seek support from global lender the International Monetary Fund (IMF).
“We know very well that the country’s economy has collapsed. So I know the problems the country is facing. We have seen a decrease in the number of jobs. Inflation has especially increased the cost of living. So, people’s lifestyles are changing,” he said during a meeting with trade union representatives. At the President’s office on Friday afternoon. Time Wickramasinghe said, as quoted by his media department.
He said the facilities that Sri Lankans enjoyed earlier are diminishing, as the country’s dire economic situation has affected every sector, including education and health.
“These are the reactions to this economic collapse. It is futile to talk about the root causes of these problems because they have already happened. The only option we have now is to seek support from the International Monetary Fund (IMF). Otherwise, we cannot recover,” he added.
Ranil Wickremesinghe insisted he was trying to revive. Ahe country’s battered economy with a debt restructuring program.
“Currently we are running a debt restructuring program. We have already completed negotiations with Japan, which is one of the three major countries, Japan, China. And India from whom we have received loans,” he added.
Additionally, Wickramasinghe noted that economic growth in Europe and America is now slowing down. “In such a situation, our export market may decline in the coming years and we need to develop our tourism industry,” he added.
In Friday’s meeting, trade union leaders and representatives from the government. Semi-government and private sectors took part to discuss the corrective measures. That can be taken to find a solution to the economic and financial crisis prevailing in the country.
He also said that the government was able to build trust as a country and succeeded in making negotiations. With the International Monetary Fund more successful.
Expressing hope that the country’s economy will improve after the first quarter of this year. The President expressed his confidence in achieving better economic progress in 2024. The Sri Lankan President noted that not only the public sector but also the private sector needs to be strengthened. Providing relief to the people by continuing the development activities of the country.
President Wickremesinghe also said that he is aware of thehards hips people are going through today. And added that he will somehow provide relief to the people.
