Colombo: Noting that he took control of the country during an economic collapse and made “difficult decisions” to rebuild it, Sri Lankan President Wickremesinghe emphasised that without the patience shown by the people of Sri Lanka, the island nation could have faced a fate similar to Bangladesh today.
“If people had taken to the streets to govern the country, Sri Lanka could have faced the same fate as Bangladesh today. Rebuilding the economy required making difficult and unpopular decisions, including necessary steps in consultation with the International Monetary Fund (IMF),” the Lankan President said during an event in Colombo on Monday, where he launched a new retirement insurance system for the elderly.
“At one point, buying a vehicle, a house, or modern appliances seemed like an unattainable dream for many. However, we have overcome those challenging times, and with the economy now stabilised, the people’s purchasing power has increased, which in turn is expected to fuel the growth of small businesses and attract investors,” he added.
Sri Lankan President Ranil Wickremesinghe also said that the government was planning to establish a National Wealth Fund using government assets, similar to investment companies created by countries like Norway, Qatar, and Singapore, where profits from government revenues are used for public welfare.
The President said that his government had also initiated a programme to grant rights to the people, starting with the decision to issue freehold deeds to secure land rights.
As part of this effort, two million freehold deeds are being distributed. Another scheme has also been launched to provide Colombo urban flats to people free of charge, and plans are in place to create estate villages in the upcountry, offering each family a plot of seven perches.
“This process of transferring rights to the people is progressing rapidly,” he said.
Last week, Wickremesinghe discussed the ongoing economic collaboration with India during National Security Advisor (NSA) Ajit Doval’s visit to Colombo.
In the past few months, Wickremesinghe has expressed his profound gratitude to India and Prime Minister Narendra Modi for unwavering support during the country’s recent economic crisis.
He has also reaffirmed his commitment to maintaining a robust partnership with India to achieve Sri Lanka’s development goals, underlining the urgency to expedite joint initiatives and highlighting a comprehensive agenda aimed at transformative bilateral projects.
The Lankan President made a significant visit to New Delhi on June 9 to attend the swearing-in ceremony of Prime Minister Modi, underscoring the strong ties between the two nations.
Immediately after, Jaishankar visited the island nation on his first bilateral visit after assuming office for the second term, underlining India’s continued commitment to Sri Lanka as its closest maritime neighbour and a time-tested friend.
Marking the strong bilateral ties between two South Asian neighbours, Jaishankar and the Lankan President jointly handed over 48 houses under the Model Village Housing Project in Colombo and Trincomalee districts; 106 houses under Phase III of the Indian Housing Project in Kandy, Matale and Nuwara Eliya Districts. Maritime Rescue Coordination Centre (MRCC), a nerve centre for Search and Rescue operations at sea established with an Indian grant of USD 6 million was also jointly commissioned in the virtual ceremony.
Sri Lanka is currently gearing up for the crucial Presidential Election slated for September 21.
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–IANS
(Image courtesy: Sri Lankan President’s Media Division)
