President issues wake-up call to private sector; stresses need to break dependency cycle

29 November 2023 03:50 am - 21 - {{hitsCtrl.values.hits}}

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Tells private sector to step out of their comfort zones and embrace competitiveness
Says what Sri Lanka is currently undergoing is not a reform process, but a “radical restructuring”
Cautions of economic downturn if a U-turn is taken from current path
Says everyone needs to align their policies with the reform framework

President Ranil Wickremesinghe addressing the Sri Lanka Economic Summit

President Ranil Wickremesinghe delivered a stern message to Sri Lanka’s private sector last evening at an event organised by the Ceylon Chamber of Commerce, questioning the nation’s prolonged dependence on seeking assistance from other countries.

“For how long are we going to be a beggar nation? For how long are we going to go and ask people to help us out each time because we didn’t do our math correctly,” Wickremesinghe told the inauguration ceremony of Sri Lanka Economic Summit 2023 held in Colombo, last evening.

He said the stakeholders of the economy must step out of their comfort zones and embrace competitiveness, emphasising that such an initiative is essential for the country to break free from the cycle of seeking external assistance.

“We expect other countries to give their taxpayers money because we made it wrong. We cannot go on like this,” he asserted.

At the outset, the President noted that what Sri Lanka is currently undergoing is not a reform process, but a “radical restructuring”.

He noted that the government has made significant progress in restoring sustainability, and has been successful in engaging in good-faith negotiations with all its creditors.

Wickremesinghe expressed confidence in the International Monetary Fund (IMF) concluding the first review of the EFF programme by next month.

Discussions with external private creditors are ongoing in parallel. While the government expects to reach an agreement on specific restructuring terms shortly, it is mainly relying on a long-term extension on the debt, he said

He cautioned that this marks the final opportunity for Sri Lanka to overcome its challenges and in the event of a new government opting for a U-turn, reversing the efforts made to address the crisis, the economy is at risk of experiencing a significant downturn.

Highlighting Sri Lanka is entering a new political era with this reform framework, the President said everyone has to make their policy within it.

He also underscored that achieving economic stabilisation alone is insufficient and there must also be a focus on getting the country’s economy back on the growth path.

“After we’ve stabilised the economy, what are we going to do? Are we going to again have a balance of payment deficit and be unable to balance our budget?

I can give it to you in writing. If we go on like this, you will have another crisis within 10 years. So we have to change as I say we have to be a competitive economy, export-oriented economy,” asserted Wickremesinghe.

Comments - 21

down under Wednesday, 29 November 2023 05:48 AM

First you need to rein in your own bunch of rogues, rampant corruption, inefficient

Tourist Wednesday, 29 November 2023 05:50 AM

The way RR is going it is nothing BUT Band Aid solution. As an example, take the tourism industry why should comparative Hotels be more expensive in SL than SE (Malaysia, Thailand, Cambodia, Vietnam etc). When we do this out of greed, tourists will start moving away from SL and look for 'greener pastures'. Again food is not that unique compared to these SE countries BUT more expensive? We tend to have policies that kill the goose that lays the Golden Egg.

Signis Wednesday, 29 November 2023 06:22 AM

The warning bounce back to ministers and monopoly public sector as well. A workforce radical only for compensation created by the culture and the overall political system, always support it in their election campaigns. Ministers got no proper plans to support midium and small scale private sector compete in the international markets. This govt. instead invite and tender public services in govt. monopoly to create competion with no guarantee to reduce rates and costs for benefit of the local consumer. Reform frameworks with foreign assistance must protect rights of the local consumer.

Sivalingam Wednesday, 29 November 2023 07:09 AM

Ceylon Chamber of Conmen are not very different to the leeches of Diyawannawa.

Kandiah Balendran Wednesday, 29 November 2023 07:10 AM

Ranil has been telling this story for over 40 years. Dummika peniya drinkers are everywhere.

Shalani Tharaka Wednesday, 29 November 2023 07:11 AM

Uncle Jayantha Dharmadasa could have done better.

Ranjith Wednesday, 29 November 2023 07:33 AM

We are borrowing tax payers money from other countries and what are we doing not collecting enough tax and at the same time having high level of corruption and wastage Head of state and the cabinet should first put their house in order.

Sam Silva Wednesday, 29 November 2023 06:48 PM

Well said.

Spartacus Wednesday, 29 November 2023 07:58 AM

Can you also comment why the State Employees are utterly corrupt, incompetent, unprofessional and indiciplined and why this has not been addressed for 74y? Did you know after independence most SL State Employees were the best where even other countries admired. They were mainly minorities, competent and professional. After that, Sinhalese Politicians started pumping these positions with hench-aiya yakkos, lazy indiciplined and crooked to the core. Rest is history.

Gamaya Wednesday, 29 November 2023 08:12 AM

Private sector does cannot survive if they are not competitive unlike the Public sector. Private sector is not lethargic, they are the ones who pay taxes. Do you politicians look at the struggles the private sector goes through? What have you done to the tax paying private sector? How many companies have closed down (take the economic zones)?

Priyan66 Wednesday, 29 November 2023 08:20 AM

Government tax hard working private sector employees and use that tax money to increase salaries of inefficient, overstaff government servants to buy votes. This also should stop now !

Samuel Wednesday, 29 November 2023 09:19 AM

Tough words indeed. But what he's said is true. It's time the protesters got down to some serious work instead of daily crying on the roads instigated by Sirasa.

Onlooker Wednesday, 29 November 2023 09:35 AM

Fully agreed that we "need to break the dependency cycle" on the current political leadership and the current 225 of no real value to the public.

Bandu Wednesday, 29 November 2023 09:39 AM

Unless first you bring the past looters to book and either jail them or recover the plunder of national wealth, there will be no progress. You want to let them off the hook and that will be your millstone.

Gamini Wednesday, 29 November 2023 11:13 AM

give this lecture to the unproductive, over staffed, non tax paying, always protesting state sector employees

lal Wednesday, 29 November 2023 03:11 PM

Yes merit went for toss... Jealousy crept in... Minority with merit were side lined and nepotism chauvinist rogues entered swaying even right thinking majority ... Rest is history... Srilanka was a jewel with high per capita so much so it was a precursor to Singapore when Singapore had not yet prospered

Lal Wednesday, 29 November 2023 03:51 PM

Ranil you know well that' sri Lanka was judged as the next Singapore when in fact Singapore was just in the making when srilanka had taken off... What went wrong... A foolish ethnic dispute ending in war with the clergy complicating things no end... No need for pep talk ranil... Stop the brain drain on priority.... Cut down corruption... Hand hold minority... Use the diaspora.... You will have a dubai South of india

Mohamed Burhan Thursday, 30 November 2023 06:02 AM

Mr.Private Sector pull on safeguarding yr companies as done for last 30 years.was an employee working average 12 hours a day for 26 days.seen real commitment by some staff who really work.some staff doing nothing back biting and shining themselves to theirs M.D.this is private sector.Never saw a duty rebate reimbursement of a tea commodity by Govt.after say year 2000.exports on and off benefited on dollar exchange rates yes staff was looked after reasonably well by Management.From now it can be a different story.How to pay taxes to the Govt. now with taxes everywhere for every each and item.Private Sector I really loved!! seeing quality people saying Hello with human considerion for a betterment of a peon staff.carry on private sector as earlier sweating out!!!

Sambo Thursday, 30 November 2023 07:31 AM

Tell the very same to the government servants as well. They sleep at their desks, gossiping doing nothing and even corrupted. The number were increased for political gain by former president but the public has to bare the burden.

Fred Thursday, 30 November 2023 07:33 AM

For restructuring and reform to succeed need to get the basics right first. Otherwise it will be like putting new wine into old bottles as the saying goes. Need self-discipline, thrift, hard work, respect for the rule of law, equity, a chance for everyone to succeed.And now for the hard part, all this has to start from the top which I imagine is what the President has in mind Looking forward to a more prosperous 2024

C'mon Ranil we are not mugs! Thursday, 30 November 2023 09:04 AM

Hey baby, This dependency cycle has been created by successive governments and you personally led some of these governments. Remember the saying "Hameed is going with begging bowl...". Was Hameed part of the public or private sector?

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President issues wake-up call to private sector; stresses need to break dependency cycle

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