President Anura Kumara Dissanayake stated that Sri Lanka will not be allowed to fall into an economic crisis similar to the one experienced in 2022, despite growing public concerns over the current economic situation.
The President made these remarks yesterday (22) while attending a ceremony marking the resumption of construction work on the Nintavur Cultural Centre in Ampara.
Addressing the gathering, President Dissanayake acknowledged that the country is currently facing economic pressure due to the escalating conflict in the Middle East, which has affected fuel prices, foreign exchange flows, tourism, and exports. However, he stressed that the government has the capacity to manage the situation effectively.
He said the administration remains committed to the mandate given by the public to build a strong economy, combat corruption, uphold the rule of law equally for all citizens, and reduce excessive political privileges.
The President noted that significant progress has already been made in enforcing the law regardless of political power, wealth, or social status, while steps have also been taken to remove special privileges previously enjoyed by politicians, including pension benefits.
Commenting on the economy, President Dissanayake explained that rising global fuel prices and increased import costs due to the Middle East conflict had created pressure on the Sri Lankan rupee and increased demand for US dollars.
He added that tourism revenue and some export earnings had also been affected, contributing to the current economic strain.
However, the President rejected comparisons to the 2022 financial collapse, emphasizing that Sri Lanka’s current financial position is far stronger than it was at that time.
“In 2022, the country did not have sufficient rupees and the Central Bank had almost no dollar reserves. Today, the Central Bank holds nearly USD 7 billion in reserves, and we expect to receive another USD 700 million soon,” he said.
The President assured the public that the government would not allow shortages of essential goods such as fuel, gas, milk powder, or fertilizer to occur again.
He also highlighted the government’s recent relief efforts during Cyclone Ditwah and amid the economic impact of Middle East tensions, stating that the administration remains focused on protecting the public during difficult periods.
President Dissanayake further said that although the country is facing economic pressure, the situation is being managed systematically and responsibly, adding that attempts to create fear by comparing the current conditions to 2022 are misleading.
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