Sri Lankan President Ranil Wickremesinghe emphasized to lawmakers that there is no other viable route to economic recovery for the nation apart from adhering to the reform plans prescribed by the International Monetary Fund (IMF). The island nation has been grappling with its worst economic crisis since gaining independence from British rule in 1948, resulting in a significant surge in the prices of essential goods, including fuel.

President Wickremesinghe addressed Parliament on the second anniversary of public protests against President Gotabaya Rajapaksa's government, which faced criticism for its handling of the unprecedented economic challenges.

Following anti-government demonstrations on May 9, 2022, Prime Minister Mahinda Rajapaksa was compelled to resign. Wickremesinghe assumed the role of prime minister and later succeeded Gotabaya Rajapaksa as president, serving the remainder of the term until the end of 2024.

Upon taking office, Wickremesinghe inherited a nation in crisis, with severe economic contraction and soaring inflation reaching 70 percent. He informed Parliament that the budget deficit had swelled to 10-12 percent, leading to a staggering interest rate hike to 30 percent. The president highlighted the dire situation where there were insufficient funds to import food and essential goods, leaving a majority of the population struggling and enduring lengthy queues for necessities.

Under the IMF bailout package of USD 2.9 billion, the government enforced economic discipline. Wickremesinghe projected a modest growth rate of 3 percent for the current year and noted a significant decrease in interest rates to 10-13 percent.

He reiterated the indispensability of the ongoing economic program, stating that no other plan matches its efficiency or offers a viable alternative. Meanwhile, the Election Commission of Sri Lanka announced the schedule for the upcoming presidential election, slated to be held between September 17 and October 16. Despite several opposition leaders declaring their candidacy, Wickremesinghe has not yet disclosed his intentions regarding a second term.

Sri Lankan President Ranil Wickremesinghe emphasized to lawmakers that there is no other viable route to economic recovery for the nation apart from adhering to the reform plans prescribed by the International Monetary Fund (IMF). The island nation has been grappling with its worst economic crisis since gaining independence from British rule in 1948, resulting in a significant surge in the prices of essential goods, including fuel.

President Wickremesinghe addressed Parliament on the second anniversary of public protests against President Gotabaya Rajapaksa's government, which faced criticism for its handling of the unprecedented economic challenges.

Following anti-government demonstrations on May 9, 2022, Prime Minister Mahinda Rajapaksa was compelled to resign. Wickremesinghe assumed the role of prime minister and later succeeded Gotabaya Rajapaksa as president, serving the remainder of the term until the end of 2024.

Upon taking office, Wickremesinghe inherited a nation in crisis, with severe economic contraction and soaring inflation reaching 70 percent. He informed Parliament that the budget deficit had swelled to 10-12 percent, leading to a staggering interest rate hike to 30 percent. The president highlighted the dire situation where there were insufficient funds to import food and essential goods, leaving a majority of the population struggling and enduring lengthy queues for necessities.

Under the IMF bailout package of USD 2.9 billion, the government enforced economic discipline. Wickremesinghe projected a modest growth rate of 3 percent for the current year and noted a significant decrease in interest rates to 10-13 percent.

He reiterated the indispensability of the ongoing economic program, stating that no other plan matches its efficiency or offers a viable alternative. Meanwhile, the Election Commission of Sri Lanka announced the schedule for the upcoming presidential election, slated to be held between September 17 and October 16. Despite several opposition leaders declaring their candidacy, Wickremesinghe has not yet disclosed his intentions regarding a second term.