Former President and leader of the United National Party, Ranil Wickremesinghe, made a special statement on the 17th, addressing several important issues. This was also his first public comment through the media since the 2024 presidential election.
He commented at the New Democratic Front office on Flower Road in Colombo. He reminded the audience that Sri Lanka should begin paying foreign debt again in 2028.
He stressed that the new government faces the challenge of increasing state revenue to 15% of GDP by 2027, and progress will be difficult without reaching that target.
The challenge of achieving economic growth
In his speech, the former President addressed several issues that need to be prioritised and implemented to achieve the goal, the most critical of which is an annual target of 1% economic growth.
He emphasised the importance of appointing an experienced team to take responsibility for the next Parliament.
Ranil Wickramasinghe reflected on the moment he took responsibility for the country when it struggled to meet its debt obligations. At that time, he expressed his hope to restore debt sustainability and eliminate the existing bankruptcy.
He noted that during his tenure, he reached an agreement with the International Monetary Fund, the 18 countries from which Sri Lanka had received loans, and private bondholders, thereby making the debt sustainable.
He highlighted that he agreed to remove the country from bankruptcy during his administration.
The effort that raised the fallen country
The former President highlighted that his actions contributed to restoring international confidence. He noted that he strengthened opportunities for doing business with foreign banks. Additionally, he emphasised that his efforts helped the country regain its eligibility for foreign aid and successfully end its bankruptcy.
Implementing the sustainability agreement is crucial. It has been reported that the current President, Anura Kumara Dissanayake, will propose amendments related to this matter. Parliament, which holds the country’s fiscal power, is responsible for executing these revised agreements.
The future Parliament is responsible for implementing the plan. Ranil Wickramasinghe emphasised the importance of following the right steps to ensure sustainability.
The responsibility of achieving rapid development and the new Parliament
He emphasised the importance of regaining the 2019 gross domestic product by the end of 2024. He indicated that Sri Lanka should resume foreign debt payments starting in 2028.
The current President and the new Parliament, which will be appointed on the 14th of next month, are responsible for increasing the government’s income to 15% of the gross domestic product by the year 2027.
Sri Lanka aims to regain its gross domestic product (GDP) levels from 2019 by the end of 2024. Increasing the country’s foreign exchange reserves is another crucial factor in this effort. Ranil Wickramasinghe emphasises that these reserves should ideally range between $10 billion and $14 billion. However, he believes it will be challenging to reach this goal without significant economic development.
No party has a majority
The former President expressed his confidence that, based on the presidential election results, no party will secure a majority in Parliament. He emphasised that considering the outcomes of the last presidential election, any party is unlikely to achieve a majority this time. To effectively address the responsibilities of the new Parliament, he suggests reflecting on the lessons learnt from the previous Parliament’s experiences.
He stated that no one in the last Parliament was willing to take on this responsibility. He is committed to forming a government with members of the Sri Lanka Podujana Peramuna, Sri Lanka Freedom Party, and United National Party to elevate the country to a better position.
A request to appoint experienced representatives
He also points out that it is the people’s responsibility to give back representation in Parliament to the MPs who have worked with him for the past two years. He says he is interested in pointing out the facts regarding this importance as they have gained experience facing economic crises.
He expressed confidence that the people will pay attention to his idea, as both he and members of the United National Party are contesting this year’s general election under the leadership of the New Democratic Party.
The former President stated that an experienced group should be in Parliament to address the country’s economic issues and make progress. He acknowledged that moving the Parliament forward might be challenging without this experience, even while in opposition. The former President underlined that if the country fails to meet its objectives, there is a higher risk of it collapsing again.
Wickramasinghe concluded his speech by emphasising that the new Parliament will shape the people’s future. He warned that this could lead to additional debt. Wickramasinghe pointed out that if the efforts are successful, the country has the potential to recover. However, if they fail, the country may face another collapse, returning to long queues for essential goods.
The only candidate who could not be elected President
In Sri Lanka’s 42-year history of presidential elections, Ranil Wickramasinghe will be remembered as a candidate who was unable to win the presidency through a popular vote. He holds the record for being the most defeated presidential candidate in the country’s history.
He was defeated in the last presidential election during his presidency, finishing third in the vote count. He has run as a candidate in three presidential elections. The United National Party, which he represented, was also defeated in the most recent general election held in 2020.
Ranil Wickremesinghe, who missed the chance to become Sri Lanka’s first citizen through a popular vote, has been sworn in as Prime Minister six times and has also served as the leader of the opposition six times. Nonetheless, he is recognised both domestically and internationally as one of the most experienced politicians in the country.
