HNB increases its support for the modernization of the agricultural sector – The Island

President Ranil Wickremesinghe recently stressed that as the country builds a new economy, it is crucial to establish a new political system. This system must support individuals who can take responsibility and speak the truth without fear.

He made this comment during a bankers’ forum organised by the National Bankers’ Association at the Galle Face Hotel in Colombo on Friday (05).

The president said he had informed the people about the economic challenges the country was facing and had also outlined a clear program to take the nation out of the crisis. He reiterated that there was no alternative program for the country and that it was everyone’s responsibility to identify and support the program instead of living in a dream world.

He stressed that while some cite Argentine Martin Guzman as an example, he considers Guzman a failure.

The President stated that his goal is to steer the country towards rapid development through an export-led economy. He mentioned that the necessary legal framework for creating an export-led economy has been presented to Parliament and emphasized the significant responsibility of the banking system in promoting this program.

This was followed by a discussion with President Ranil Wickremesinghe, former Finance Minister Ravi Karunanayake and Senior Advisor to the President on Economic Affairs Dr. RHS Samaratunga.

The president said;

“Today we have made significant economic progress. I don’t need to remind you of what happened in those days from Jetwing Hotel to Galle Face Hotel. My house also burned down during that journey. Despite these challenges we have progressed but we still have a long way to go. I made it clear then that if we do not protect our banking system we will not be able to protect our economy. A collapse of the banking system will lead to an economic collapse.

At that time I had to take over the country. Together we initiated actions to raise the country’s economy and today we see the results. Progress does not happen overnight.

Efforts have been made to reduce the loan arrears by $8 billion over four years. The economy is growing again. We have now reached a key turning point as a country. With $8 billion in debt relief, we are now free to pursue a new economy. We have submitted to Parliament the necessary legal framework to create an export-oriented economy.

We need to move forward from here, and the banking system plays a key role here. How do we secure financing? Foreign investment is essential for banks to grow. We haven’t reached that goal yet.

While we have repaired our broken economic system and made progress, our broken political system remains unresolved.

Former leaders fled in fear at that time. What does that say about political leadership in our country? Can such leaders move the nation forward without solutions? They fled in fear that day because they lacked answers.

After the resignation of the former president, the peace and stability of the country began to deteriorate. Some people urged me to resign as prime minister. Can the country develop in such a political system?

When we introduced the Economic Transformation Bill, Mr. Sunil Handunnetti made a case for an import-driven economy. Today, our economic challenges arise from operating in an import-driven economy.

As for Martin Guzman of Argentina, some consider him a failure while others suggest he travel the world to seek financial aid from leaders. I have stated categorically that neither I nor the Sinhalese people are beggars. Yet some still advocate for change. Does this mean advocating for an import-based economy?

We must make wise choices and pursue the agenda that our country truly needs, avoiding the temptation of unrealistic ideals.

It is important to grasp the truth and take decisive action. The decisions we make today will shape our future. As we rebuild the country’s economy, we must also reform our political system. This involves educating individuals who can shoulder responsibility and progress, and who can speak the truth without fear. Without this foundation, our country lacks a viable future.

Honesty has always been our policy. In politics, there should be no fear of speaking the truth, regardless of one’s position on the government. I have united people from different political factions to take this government forward. While party discipline was insufficient, government discipline prevailed. Despite the challenges, we have gained support, including the young MPs of Podujana Peramuna who joined us regardless of their political future. Our political system has yet to live up to the economic foundations we have laid today. This must be our goal for the future.