Foreign Minister Ali Sabry says some fellow South Asian countries have applauded Sri Lanka for its quick recovery from its economic crisis.

Minister Ali Sabry said Pakistan has sought advice from Sri Lanka’s Central Bank and Treasury to help address issues faced in its economy.

“Pakistan Interim PM Yusuf Raza Gilani has requested Sri Lanka to send a team from our Central Bank and Treasury to seek advice on fixing its economic issues,” he said. 

Minister Ali Sabry further said Bangladesh PM, Sheikh Hasina said she was criticised for loaning US$ 200 million to Sri Lanka, but Sri Lanka has proven the critics wrong by repaying the loan. 

“During a discussion with our President last September, the Bangladesh PM said many had criticised her move to loan money to Sri Lanka, stating that Bangladesh cannot afford it and Sri Lanka will not be able to repay it. She said however, Sri Lanka not only repaid the loan, but paid it with interest as well, proving all the critics wrong,” he said. 

The Foreign Minister said that PM Sheikh Hasina also revealed that Bangladesh gave the loan amidst such a situation as this was the first time Sri Lanka had sought help of such a level of seriousness. 

Minister Ali Sabry said the world looks at Sri Lanka with awe for having dealt with its economic crisis successfully in a short period.

Foreign Minister Ali Sabry made the statements while addressing the Parliament on Thursday. (Newswire) 

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State Minister of Finance Shehan Semasinghe addressing Parliament during the adjournment debate, criticised the economic policies proposed by the main opposition Samagi Jana Balawegaya (SJB).

The SJB has been critical of the current and former governments led by President Gotabaya Rajapaksa and President Ranil Wickremesinghe, particularly targeting their economic strategies, Semasinghe said.

The State Minister however, highlighted statments made by the SJB, suggesting that taxes would be reduced under a SJB government.

“According to estimates for 2024, the government expects to collect Rs. 3870 billion in tax revenue and a total government revenue of Rs. 4127 billion. As of now, Rs. 1040 billion in tax revenue and Rs. 1522 billion in total revenue have already been collected for 2024,” the State Minister revealed.

“According to the SJB proposal, if the corporate tax is reduced to 24%, only Rs. 640 billion can be collected this year, with a 21% reduction,” Semasinghe stated.

“With a 21% reduction, we can estimate a loss of Rs. 140 billion. If we talk of the PAYE tax, there will be a loss of Rs. 40 billion. They also talk of VAT reduction, but overall the SJB is talking about cutting off revenue of over 10% of the GDP,” he added.

Semasinghe charged that the SJB is fully aware that these changes cannot be introduced without thrusting the economy into further crisis, adding that these statements were made in view of forthcoming elections. (Newswire)

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Former politician and the Founder of the Pathfinder Foundation, Milinda Moragoda has released a six-point statement on Sri Lanka’s current economic situation.

Issuing a statement, Milinda Moragoda said half-hearted economic reforms by successive governments have been a major contributory factor to the current economic crisis. 

He stated that it is critical that all political parties and society at large come to terms with the fact that economic reform and privatisation are integral components of any successful development programme.

Following is Moragoda’s six-point statement on Sri Lanka’s economic situation;

1) We must face the bitter truth that half-hearted economic reforms by successive governments have been a major contributory factor to the current economic crisis. The only solution to Sri Lanka’s present economic predicament is rapid economic growth. This can only be achieved through an outward-looking export and foreign-investment-driven economic strategy. Such strategies have driven rapid growth and poverty alleviation in a number of other countries.

2)  In Sri Lanka, such an economic transformation can only take place if the political formation governing the country is unequivocally committed to deep economic reforms that are predicated on clear policies based on competitiveness, global connectivity, privatisation, and small government.

3)  If Sri Lanka is to come out of this economic collapse, the country will require annual growth rates of well over 5% for the next 10 years. 

4)  According to present forecasts, the economy is not expected to grow at more than 3% annually until 2032. Furthermore, the GDP-to-debt ratio in 2032 is expected to be at 95%, which will still leave our economy in an extremely fragile and precarious position. In such a scenario, even after restructuring, Sri Lanka’s ability to service her debt could come into question, resulting in repeated restructuring and the austerity that goes with it.

5) It is critical that all political parties and society at large come to terms with the fact that economic reform and privatisation are integral components of any successful development programme. In that regard, it is incumbent upon all political parties to incorporate these aspects into their election manifestos at the very outset. This will serve to address the repeated policy reversals that have resulted in a lack of stability and predictability in the policy framework. 

6) All parties should cost the proposals they put forward and explain how they intend to finance them. The era in which political parties make populist promises during election campaigns, and then mislead the citizens after taking office, must be brought to an end. (Newswire)

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Regressive government policies and inadequate social protection left many Sri Lankans at risk from the worst effects of the country’s economic crisis, Human Rights Watch (HRW) said in its World Report 2024. 

HRW said that the government of President Ranil Wickremesinghe continued to repress freedoms of expression and association and pursued policies that discriminate against minority communities.

“Millions of Sri Lankans are struggling to survive an economic crisis that partly originated in corrupt, unaccountable governance,” said Meenakshi Ganguly, deputy Asia director at Human Rights Watch. “The current administration is responding with policies that weigh heaviest on those who have least while suppressing voices that are essential for accountable, democratic decision-making.”

In the 740-page World Report 2024, its 34th edition, Human Rights Watch reviews human rights practices in more than 100 countries. In her introductory essay, Executive Director Tirana Hassan says that 2023 was a consequential year not only for human rights suppression and wartime atrocities but also for selective government outrage and transactional diplomacy that carried profound costs for the rights of those not in on the deal. But she says there were also signs of hope, showing the possibility of a different path, and calls on governments to consistently uphold their human rights obligations. 

The Sri Lankan government and the International Monetary Fund’s (IMF) response to the economic situation undermined human rights in the country. More than 17 per cent of the population is moderately or acutely food insecure and in need of humanitarian assistance, and 31 per cent of children aged under 5 are malnourished, according to the United Nations. The IMF program focused on raising government revenues and emphasized tackling corruption and improving social protection, but as structured it shifted the burden of recovery principally onto people with low incomes.

The government raised electricity tariffs, doubled value-added taxes, and phased out fuel subsidies. The reform program included a “social spending floor” set at 0.6 per cent of GDP, less than half of the developing countries’ average. The government’s plan of targeted social protection benefits led to the exclusion of many who do not have an adequate standard of living. In an attempt to manage its domestic debts, the government reduced the value of state-run pension funds in which ordinary people hold their savings.

The families of victims of enforced disappearance and human rights defenders in the north and east, faced government surveillance and intimidation. Government agencies pursued a policy of “land grabbing” that targeted the property of Tamil and Muslim communities, including religious sites.

President Wickremesinghe sought to suppress dissent, ending a moratorium on the use of the draconian Prevention of Terrorism Act. A proposed new counterterrorism law, which was withdrawn for further revision, would grant authorities sweeping powers and create new speech-related offences. The proposed Online Safety Bill would further restrict speech by creating a commission, appointed by the president, that could decide whether online statements were false or prohibited, order their removal, and participate in police investigations and prosecutions. (NewsWire)

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President Ranil Wickremesinghe has emphasized that Sri Lanka cannot revert to a period marked by scarcity of fuel, lack of fertilizers, and economic collapse. 

The President further asserted that despite the challenges, the country’s economy can experience swift strengthening by persisting on the current trajectory, acknowledging the inherent difficulties.

President Ranil Wickremesinghe underscored that making incorrect economic decisions could exacerbate the devaluation of the Rupee. He emphasized his steadfast commitment to avoid compromising the nation’s future by succumbing to popular decisions that might have adverse consequences.

The President affirmed his dedication to offering comprehensive relief to the public in times of adversity. He further declared that the government would extend every necessary support to transform the handicraft industry into a sector contributing significantly to foreign exchange earnings.

The President made the remarks while addressing the “Shilpa Abhimani 2023” Presidential Handicraft Awards ceremony held at the Sirimavo Bandaranaike Memorial Exhibition Centre in Colombo on Wednesday (Jan 03). 

The National Crafts Council annually organizes the “Shilpa Abhimani” National Handicrafts Competition and Exhibition with the objective of preserving and promoting traditional and culturally significant handicrafts. This initiative also seeks to foster social appreciation and contribute to the economic empowerment of craftsmen.

The “Shilpa Abhimani” 2023 National Handicraft Competition, held this year, was conducted under the auspices of the Small and Medium Enterprises Development Division and the Ministry of Industries. This competition showcased the craftsmanship from 66 sub-fields under 31 fundamental handicraft categories. The designs submitted underwent a meticulous selection process, overseen by a qualified jury comprising university professors.

The laureates of the “Shilpa Abhimani 2023” National Handicraft Competition received prestigious recognition through Gold and Silver Awards, while cash prizes were bestowed upon those securing the first, second and third places.

President Ranil Wickremesinghe presented the prize money, certificates and trophies to the accomplished artisans including the two winners of the World Craft Council Tournament 2023 who earned the distinguished Gold Awards.

President Wickremesinghe’s full statement:

In 2023, individuals showcasing exceptional talent in the field of handicrafts were acknowledged and honoured with awards. The award ceremony, which had been hindered by the country’s prevailing conditions in recent years, successfully took place. Despite the challenges, the remarkable skills of the artists are evident throughout the current exhibition.

It is imperative to channel these talents towards the development of the handicraft sector. Beyond embracing Sri Lankan styles, there should be an effort to incorporate influences from Western styles, as successfully demonstrated by India. Learning from their approach could be beneficial. The implementation of such programs is anticipated to contribute significantly to the country’s income.

The primary focus should be on the export sector, as steering away from the challenges faced by the export industry is a significant undertaking for the country at present. Recognizing this, it is crucial to acknowledge that the government is prepared to offer essential support for the advancement of the handicraft sector. This support aims to facilitate the acquisition of foreign technological knowledge and the overall development of the sector’s capabilities.

Despite enduring a challenging period, the government has managed to increase the country’s income. Credit goes to the minister, the state minister and all involved for their commendable efforts. In 2022, our country’s economy was in a state of collapse, exacerbated by a decline in tourist arrivals. Notably, the handicraft sector is intricately linked to the tourism industry.

To safeguard and revitalize the economy, necessary steps were taken, including seeking support from the International Monetary Fund (IMF). This opportunity allowed to reorganize the economic framework for the betterment of the nation.

Recognizing our inability to meet debt obligations in 2022, we entered into negotiations with the IMF to chart a sustainable path forward. This necessitated the transformation of all loss-making sectors into profitable ones and the reduction of certain concessions.

As a result of these measures, we observed economic progress in the third and fourth quarters of the previous year. The current focus is on building upon this momentum, encompassing the last two quarters of the preceding year and the four quarters of the current year. The objective is to achieve a positive economic growth of 2% this year, with the potential to further increase it to 5% in the subsequent year. A collaborative and harmonious approach is crucial for navigating this economic growth trajectory.

A significant challenge we confronted was the continuous practice of printing money and reliance on bank loans, which led to a depreciation of the Rupee. The government had previously incurred substantial debt from banks, causing the collapse of two state banks. To address these issues, an agreement was reached with the International Monetary Fund, committing to abstain from taking loans from banks and refraining from printing money.

To bolster the government’s income, we aim to achieve a revenue equivalent to 12% of the Gross Domestic Product (GDP) this year, with an ultimate target of 15%. This increased income is pivotal for our economic advancement.

Given the constraints of not being able to print money or secure loans from banks, the primary avenue to bolster government revenue became evident. Consequently, the Value Added Tax (VAT) was raised from 15% to 18%, and various goods previously exempted from VAT were brought under its purview. These measures, albeit challenging, are essential for generating the necessary income, ultimately strengthening the rupee. We acknowledge that such adjustments may pose difficulties for everyone, but it is the path we must undertake to secure our economic future. If these actions are not taken, our prospects become uncertain.

Despite these challenges, the commitment to providing relief to the people remains steadfast. Initiatives such as providing a Rs.10,000 allowance to government employees, tripling unemployment benefits and offering free land deeds have been implemented. Further relief measures are anticipated in the future as we navigate these economic challenges collectively.

The path we are currently taking is the only viable option. Some may suggest printing money and obtaining bank loans, but such measures would jeopardize our support from the IMF. Despite the challenges we face along this path, there is a positive outlook for the strengthening of the rupee by the end of the year, with its value increasing progressively.

Preserving the value of the rupee is crucial. While providing concessions, we must avoid devaluing the currency, as that would have detrimental consequences.

Admittedly, this may not be a popular program, but it is the only pragmatic option available. If there are alternative programs for economic recovery, they should be presented, accompanied by a clear strategy on how to garner the support of the IMF. We cannot afford to revert to an era marked by shortages of fuel, fertilizer and a collapsed economy. This reality underscores the urgency of finding sustainable solutions for the well-being of the country.

Despite the challenges, the country is experiencing development, with notable progress observed in tourism last year. Efforts are underway to address the issues faced by those working in the tourism sector and this approach is expected to extend to other fields in the future.

In the current circumstances, devaluing the rupee is not a favourable option. On-going conflicts, such as the Ukrainian war and unrest in Gaza, may contribute to a rise in the prices of goods.

Additionally, shipping has been disrupted due to Houthi attacks on ships in the Red Sea. To counter this, if ships reroute around South Africa instead of navigating the Red Sea, it will lead to increased cargo costs. In response, a decision has been made to deploy a ship from the Sri Lanka Navy to the Red Sea, contributing to the security of the region against Houthi activities.

Strengthening the rupee and implementing the right economic programs can propel us forward swiftly. It is crucial to emphasize that the handicraft industry should be transformed into a foreign exchange earning sector, and the government is actively working to provide the necessary support. (NewsWire)

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The Archbishop of Colombo, His Eminence, Malcolm Cardinal Ranjith has raised suspicions over the government’s failure to take action against those held responsible for Sri Lanka’s economic crisis.

Speaking to the media, the Archbishop pointed out that the Supreme Court of Sri Lanka has issued its verdict on the matter and has identified those responsible for the crisis.

He further said that, however, doubts arise about the government not taking further action in this regard.

The Archbishop emphasized that a country cannot move forward if the law is not enforced fairly.

“The government must act according to the Court ruling. It is wrong of the government to disregard the Court ruling,” he added. (NewsWire)

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President Ranil Wickremesinghe today avoided answering questions posed on the Economic Bankruptcy ruling against the Rajapaksas due to an error in the court case number in the question submitted by Opposition Leader MP Sajith Premadasa.

Addressing the Parliament today, stating that he was responding to the Opposition Leader’s query, President Wickremesinghe replied to the question based on the case number given by the former, which was about a case on the supply of rations for the Trincomalee Prison.

Responding to the President, MP Sajith Premadasa acknowledged his mistake concerning the case number, stating that he would take responsibility for the mistake.

He, however, pointed out that even though there was a mistake with the case number, his question was written clearly mentioning the case details and the names of the Rajapaksas. 

“I have clearly raised a question on the Supreme Court’s ruling which held former President Gotabaya Rajapaksa, former Finance Ministers Mahinda Rajapaksa and Basil Rajapaksa,  former Governors of the Central Bank W D Lakshman and Ajith Nivard Cabraal, former Secretary to the Treasury S R Attygala, former Secretary to the President P B Jayasundere, and Monetary Board member S S W Kumarasinghe responsible for the economic crisis faced by Sri Lanka as they had mishandled the economy and violated the fundamental rights of the people,” MP Premadasa said. 

Questioning if the President was incapable of reading, the Opposition Leader revealed instead of reading the facts, the President had spent time finding a mistake with the court case number.

“It is regrettable to see you disregarding the question by finding a technical fault with the case number and providing an explanation to just entertain the Parliament. I have no intention of disrespecting you, but it is beyond your intelligence,” he said. 

Pointing out that the President himself had chastised the decisions of the former Gotabaya Rajapaksa government in Parliament, the Opposition leader questioned why the President was now scrambling to protect the group. (NewsWire)

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The Parliament of Sri Lanka was adjourned for five minutes today (Nov 21) after a tense situation arose during the speech of Opposition leader MP Sajith Premadasa.

The Speaker was forced to adjourn the Parliament after several ruling party MPs had stormed towards the Opposition Leader. 

MP Premadasa had raised questions on the Supreme Court’s recent verdict on Sri Lanka’s economic crisis when a tense situation erupted in the House.

The Opposition Leader revealed that those held responsible for the economic crisis by the Supreme Court had been the reason for the foreign exchange of Sri Lanka to become depleted. 

“Why hasn’t the Attorney General been instructed to file a case against these individuals under the Offences Against Public Property Act? Will measures be taken to recover the country’s lost income from the accused former state officials? What will be the timeframe for this? And if no action is taken, what is the reason for it?” he questioned. 

The Opposition Leader’s questions led to several ruling party MPs storming towards him and disrupting his speech, after which the Speaker announced the temporary adjournment of Parliament. (NewsWire)

Tense situation reported in Parliament when a group of SLPP MPs obstructed Opposition Leader Sajith Premadasa's questions regarding the Supreme Court ruling, which holds the Rajapaksas responsible for Sri Lanka's economic bankruptcy. pic.twitter.com/Kk8n6oWL72

— NewsWire (@NewsWireLK) November 21, 2023

Tense situation in Parliament unfolded when a group of SLPP MPs obstructed Opposition Leader Sajith Premadasa's questions regarding the Supreme Court ruling, which holds the Rajapaksas responsible for Sri Lanka's economic bankruptcy. pic.twitter.com/Dc6wws7l9u

— Azzam Ameen (@AzzamAmeen) November 21, 2023

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Sri Lanka’s Opposition Party has requested President Ranil Wickremesinghe to commence protocols against those held responsible for the economic crisis faced by the nation.

Earlier this week, the Supreme Court ruled that former President Gotabaya Rajapaksa, former Finance Ministers Mahinda and Basil Rajapaksa, former Central Bank Governor Ajith Nivad Cabraal and several others were responsible for the economic crisis.

Addressing the matter in Parliament today (Nov 17), Opposition Leader MP Sajith Premadasa said that the whole country is of the view that those found responsible for the economic crisis must not be provided civic rights. 

He further said that the procedure for the cancellation of civic rights is by appointing a Special Presidential Commission and that such a Commission can only be appointed by the President.

MP Premadasa added that on behalf of the citizens of the nation, he requests President Ranil Wickremesinghe to initiate the necessary measures in this regard. (NewsWire)

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Former President Mahinda Rajapaksa says he does not accept the recent ruling of the Supreme Court of Sri Lanka on the country’s economic crisis. 

Speaking to reporters in Kandy on Wednesday (Nov 15), MP Rajapaksa said they will respond to the matter when the court grants them an opportunity to respond to the case. 

His comments come after the Supreme Court of Sri Lanka recently held former President Gotabaya Rajapaksa and several other officials from his government, including him, former Finance Minister Basil Rajapaksa, and former Central Bank Governor Ajith Nivad Cabraal, responsible for mishandling the economic crisis.

The court issued its verdict after taking up for consideration the petition filed by Transparency International Sri Lanka (TISL) along with activists Chandra Jayaratne, Jehan Canagaretna and Julian Bolling in the public interest calling for action against persons responsible for the prevailing crisis in Sri Lanka. (NewsWire)

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The Supreme Court of Sri Lanka today ruled that former President Gotabaya Rajapaksa and certain officials from his government are responsible for the economic crisis faced by Sri Lanka.

The court held that former President Gotabaya Rajapaksa, former Finance Ministers Mahinda and Basil Rajapaksa, former Central Bank Governor Ajith Nivad Cabraal and several others were responsible for the economic crisis.

The 5-judge Supreme Court bench gave a majority ruling that the above-mentioned Individuals are liable for the economic crisis, as they had mishandled the economy and violated the fundamental rights of the people.

Transparency International Sri Lanka (TISL) along with activists Chandra Jayaratne, Jehan Canagaretna and Julian Bolling filed the petition against the group in the public interest calling for action against persons responsible for the prevailing crisis in Sri Lanka.

Former President Gotabaya Rajapakse, former Finance Ministers Mahinda Rajapakse, Basil Rajapakse and Ali Sabry, the then Cabinet of Ministers, the Monetary Board of Sri Lanka, former Governors of the Central Bank W D Lakshman and Ajith Nivard Cabraal, former Secretary to the Treasury S R Attygala, former Secretary to the President P B Jayasundere, and Monetary Board member S S W Kumarasinghe were named as respondents in the petition.

At the time, the TISL also revealed that the Supreme Court had directed to include Monetary Board members Sanjeeva Jayawardena and Ranee Jayamaha, who also served before the economic crisis, as respondents in the application.

Last year, Sri Lanka grappled with its worst economic crisis since independence as US dollar shortages and shrinking reserves, together with an infamous organic fertiliser policy, led to crop failures and severe shortages of food and fuel. 

People took to the streets to protest, eventually forcing a change in leadership as the economy nearly came to a halt and inflation surged. The protests led to the resignation of former President Gotabaya Rajapaksa and long-term politician Ranil Wickremesinghe being appointed the new President. 

While there are signs of stability with food and fuel imports coming in and the IMF approving a US$3 billion loan, some economists say the current economic situation is nowhere close to pre-pandemic normalcy. (NewsWire)

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There is a glimmer of hope for Sri Lanka at present, although it is not completely out of the woods yet, Foreign Minister Ali Sabry said commenting on the nation’s economic recovery process.

In an interview with Channel News Asia (CNA), Minister Sabry said Sri Lanka’s inflation is now under control, tourism has bounced back, and the country’s currency has also stabilised. 

He added that while there could be a further recession, some growth may be possible from next year onwards.

The Foreign Minister also expressed gratitude to the various multi-lateral agencies such as the International Monetary Fund (IMF), Asian Development Bank (ADB), and World Bank for helping with the necessary financial assistance.

Speaking on the debt restructuring process as a whole, Minister Sabry emphasised that the process should be one that is equal for all, with ‘a universal application of debt relief’.

He further highlighted the benefits of debt restructuring, adding that without it, Sri Lanka’s debts will no longer be sustainable, which will ultimately affect both investors and creditors as no proper investment will be made against such a backdrop.

Therefore, the Minister emphasised that the longer the restructuring process takes, the more adverse the impact will be on the investors and creditors.

“I know some tough negotiations are around the corner, but so far, the signs are encouraging from our friends, both bilateral and otherwise,” he added. (NewsWire)

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The Central Bank of Sri Lanka (CBSL) states it has implemented several schemes of debt moratoria and concessions to assist the borrowers affected by the COVID-19 outbreak and subsequent macroeconomic developments, through Financial Institutions (FIs) supervised by the CBSL. 

The CBSL said in a statement that these schemes included extended repayment periods, concessionary rates of interest, working capital loans, debt moratoria and restructuring/rescheduling of credit facilities for affected borrowers.

These concessions greatly assisted the small and medium enterprises of many affected sectors including tourism, apparel, plantation, information technology, logistic service providers, transportation, operators of school vans, lorries, small goods transport vehicles and buses, and private sector employees. 

The last phase of the moratoria granted to COVID-19-affected borrowers of the banking sector and the Non-Banking Financial Institutions (NBFIs) Sector ended on 30th June 2022 and 31st March 2022, respectively.

In July 2022, considering the need to unwind moratoria in a sustainable way, in order to prevent any elevated strain on the financial system, the CBSL requested Licensed Banks (LBs) and NBFIs to provide appropriate concessions to affected borrowers in all economic sectors including MSMEs on a case-by-case basis for a period of 6 months through Circular No.02 of 2022 and Circular No.01 of 2022 issued to LBs & NBFIs, respectively, to enable such borrowers to agree on suitable repayment arrangements based on their new repayment capacity. 

In the meantime, CBSL has required the FIs to set up Post COVID-19 Revival Units in order to identify and assist under-performing and non-performing borrowers affected by the pandemic for the purpose of reviving viable businesses with the potential of contributing to the national economic growth.

The CBSL stated that during the different phases of moratoria and concessions, FIs have approved over 3.3 million requests for concessions, amounting to a total of Rs. 5,994 billion.

Full statement:

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