Sri Lanka’s independent yet multi-aligned foreign policy has helped it to navigate the difficult challenges faced due to its economic crisis and obtain the support of the larger international community, Minister of Foreign Affairs Ali Sabry said.

He made the statement while addressing the prestigious Cambridge Union in England on Tuesday (Jan 23).

The Cambridge Union, founded in 1815, is the world’s oldest debating society and has been historically known for hosting influential speakers and fostering intellectual discourse. 

Sharing his insights on Sri Lanka’s road to economic recovery, Minister Sabry said that 18 months after the current government took power, Sri Lanka’s inflation, which was 70% in September 2022, has come down to less than 5% in August 2023.

“The rupee had stabilised and, in fact, appreciated by about 15% from its peak against the US dollar. Remittances have seen a 60% annual growth in  2023. Tourism has in fact, seen an annual growth of 106% in the year 2023; usable forex reserves, which were at 20 million US dollars in April 2022, have gone up to 4.5 billion US dollars in January 2024,” he said. 

Minister Sabry further said that Sri Lanka is not out of the woods yet, but Sri Lankans have shown tremendous resilience in weathering this very challenging period.

“If we successfully resist divisive policies and embrace the unity within our diversity, if we continue these difficult yet prudent economic policy reforms, and if we maintain policy consistency across government and political party lines, I honestly believe Sri Lanka is within touching distance of achieving its true potential,” he added. 

The full speech of Foreign Minister Ali Sabry at the Cambridge Union;

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Minister of Foreign Affairs Ali Sabry is scheduled to participate in two key events linked to the University of Cambridge in England. 

According to the Foreign Ministry, an invitation has been extended to Foreign Minister Ali Sabry to address the prestigious Cambridge Union today (Jan 23).

Minister Ali Sabry is set to share his insights on Sri Lanka’s road to economic recovery in his address. 

The Cambridge Union, founded in 1815, is the world’s oldest debating society and has been historically known for hosting influential speakers and fostering intellectual discourse. 

Dignitaries such as Winston Churchill, Theodore Roosevelt, Bill Gates and Stephen Hawking were among the speakers who had been invited to address the Cambridge Union. 

Minister Ali Sabry is the only Sri Lankan to be invited to address the Union in recent history. The event is expected to engage the university community and those interested in global economic perspectives. 

Minister Ali Sabry has also been invited to engage with the Wilberforce Society, the Lucy Cavendish Finance Society, and the Sri Lanka Society tomorrow (Jan 24), offering a wide range of topics of discussion. 

The Wilberforce Society, with its focus on international affairs, and the Lucy Cavendish Finance Society, specializing in financial matters, provide platforms for in-depth conversations on global issues. 

The events are expected to be an enlightening opportunity to understand the Sri Lankan experience and to foster dialogue between Minister Ali Sabry and the Cambridge community. (NewsWire)

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