A long- term national economic policy to revive Sri Lanka’s dead economy

President Ranil Wickremesinghe told parliament today that a national economic policy to be implemented continuously over a 25- year period will be needed to solve the country’s current economic crisis. Wickremesinghe said this when he was presenting an interim budget for the country until the next budget in 2023. ‘We cannot be complacent. This interim budget speech, the IMF agreement and the budget 2023 will set the framework for Economic Stabilization and Revival. Within it, we will set the road map’, he said. Wickremesinghe anticipates the interim budget which he presented today, to change the country’s economic trajectory and set the stage for the budget for 2023. ‘It will be basic to formulate a national economic policy which will be in keeping with the new world order’. The interim budget revolves on four axis- the economic crisis and its causes, the solution to the crisis and the method of solving the crisis. Touching briefly on the economic crisis,Wickremesinghe said that the country has not fallen into such an economic abyss in its recent history. He identified those engaging in rhetoric and politicalized economic policies for their own benefit rather than the country, as being the main reasons for the collapse of the economy. Wickremesinghe’s solution to solve the crisis is to extricate ‘from our traditional political perspectives and impartially appraise the reality of the ground situation in the context of the global environment’.  Quoting a statement by former JVP parliamentarian Sunil Handunneththi, Wickremesinghe said ‘the government should make policies. The government does not have a role to engage in commercial ventures.” He went on to say that the crisis can only be solved by adopting short- and long- term plans.   Among the short-term measures Wickremesinghe identified are the negotiations with the International Monetary Fund, which he said have successfully reached its final stage. Discussions on debt restructuring will be held with the main countries that have provided loan assistance and the United Nations in collaboration with leading international organizations, will be launching a program to ensure food security. ‘The process of providing daily needs like gas, electricity and fuel without a shortage has been initiated. Schools have opened, and the universities are commencing their academic activities. Wickremesinghe said he will keep parliament informed when the discussions with the IMF are concluded. To read the full interim budget speech click on : http://www.adaderana.lk/news/84641/presidents-full-interim-budget-speech-2022