President reveals what will happen to Rupee-Dollar rate after IMF agreement

March 19, 2023 at 7:03 PM

President Ranil Wickremesinghe says that Rupee-Dollar rate will come down after Sri Lanka enters into the agreement with International Monetary Fund.

“How do we stabilize the Rupee? Compared to the Dollar the Rupee has remained over Rs 300 even Rs 380”

“Once we have this agreement with the IMF it will come down, but it won’t come down to Rs 200 or Rs 185. It has to happen gradually. We have a period of stabilization and that is four years” President said speaking in a forum.

President Ranil Wickremesinghe also emphasized that the Royal College cricket team’s effective captaincy ultimately led to the team’s victory at a time when all of the matches were being lost and that his effort is to lift the defeated country to the path of victory similar to what the captain of the Royal College cricket team did.

The President recalled that when he assumed office last July, the country was experiencing numerous crises such as shortage of fuel, food, and fertilizer. He compared this to the Royal team, which had suffered a string of defeats, and claimed that many people believed the country would not be able to recover.

However, President Ranil Wickremesinghe stressed that his team was able to change that situation and create economic stability in the country in the last seven months and emphasized that Sri Lanka is no longer a bankrupt state.

President Ranil Wickremesinghe made this statement while addressing the 32nd Interact District Conference held at Temple Trees this morning (19).

He said that everyone would be able to witness a developing country in the next two years, and to make Sri Lanka the most prosperous country in the region, it is necessary to build the economy in addition to stabilizing it today.

The President added that the 25-year plan to make Sri Lanka a successful nation by 2048 has already been implemented and it can only be achieved with the commitment of the current youth.

This conference was organized by St. Thomas’ College, Wesley College, Vishaka Vidyalaya, and Girls’ High School, Kandy, and it drew about 700 students from various schools all across the island.