Sri Lanka on track to announce its financial independence to the world

Dec 9 (PMD) – In a press conference held yesterday (08) at the Presidential Media Centre (PMC) under the theme ‘Collective Path to a Stable Country, Minister of Foreign Affairs Mr. Ali Sabry commended President Ranil Wickremesinghe for steering Sri Lanka’s foreign relations in the right direction, emphasizing a policy of non-alignment with all foreign countries while prioritizing national unity.

Minister Sabry highlighted the positive impact of President Wickremesinghe’s decisions on the country’s foreign relations, stating that Sri Lanka has successfully pursued a non-aligned policy by extending a hand of friendship to all nations without favouring any particular country. He credited these diplomatic efforts for securing support from the International Monetary Fund (IMF).

Minister Ali Sabry further stated that the Ministry of Foreign Affairs played a pivotal role over the past year, acknowledging the diplomatic challenges faced and the subsequent positive outcomes achieved through President Ranil Wickremesinghe’s discerning decisions.

Minister Sabry acknowledged that certain diplomatic relations encountered strains in recent times, notably with countries in the Muslim world and Japan. However, he credited President Wickremesinghe’s judicious decisions for redirecting Sri Lanka’s foreign relations onto a more constructive trajectory. Emphasizing a commitment to a non-aligned policy, Minister Sabry highlighted the administration’s dedication to fostering amicable ties with all nations while safeguarding the unity of the country.

Addressing the intricacies of debt restructuring, Minister Sabry elaborated on Sri Lanka’s unique position as a nation above the low-income threshold, necessitating the development of an independent mechanism. He noted the collaborative efforts with the Paris Club, aided by the support of influential nations such as India, China and Japan outside the Paris Club, which contributed to the establishment of a viable restructuring plan.

Minister Sabry revealed that all countries involved have pledged support for Sri Lanka’s debt restructuring, providing the nation with a distinct advantage in expediting the process compared to other countries. The upcoming crucial discussion with the IMF on the 12th is anticipated to result in the disbursement of the second tranche, symbolizing international acknowledgment of Sri Lanka’s positive economic trajectory.

The Minister affirmed that, following successful debt restructuring, Sri Lanka will announce its financial independence to the world.

Acknowledging the hardships faced by the people, Minister Sabry highlighted the government’s on-going efforts to steer the country away from the brink of bankruptcy. The strategic reduction in debt payments and interest rates, he noted, positions Sri Lanka to gain a substantial economic advantage of US$ 17 billion.

Looking forward, Minister Sabry expressed confidence in attracting new investors to propel economic growth. The government’s roadmap aims to elevate the country from its current economic situation by the first quarter of the next year, aligning with the broader vision of sustainable economic development under President Ranil Wickremesinghe’s leadership. (PMD)

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