Ranil To Anura: Clarify Economic Policy Before Debate

COLOMBO (News 1st); President Ranil Wickremesinghe has called out Anura Dissanayake, the leader of the National People's Power (NPP), for avoiding questions about whether the NPP's economic policy is export- or import-oriented. 

During a meeting with intellectuals and business leaders from the Kurunegala District, President Wickremesinghe suggested that Anura, along with Sunil Handunnetti and Harshana Suriyapperuma, should first hold a separate debate to clarify their economic policy before engaging with him.

The President also proposed a video discussion involving himself, Anura, and the Managing Director of the International Monetary Fund (IMF). He mentioned that Sajith Premadasa could also be invited, despite his tendency to dominate conversations.

President Wickremesinghe criticized Anura Kumara Dissanayake's policy statement, which presented a budget with an expenditure of Rs. 8,900 billion and an income of Rs. 4,900 billion, resulting in a Rs. 4,000 billion deficit. He emphasized that such a budget would devastate the country's economy and urged Anura to present a clear and proper economic policy instead of making empty promises.

He questioned the empathy and responsibility of Sajith and Anura during times of crisis, stating that their failure to act led to his presidency despite representing a party with only one parliamentary seat.

The President highlighted his efforts to steer the country's economy forward with the support of several political parties and the IMF. He outlined plans to ease the burden on people's lives, establish investment zones, modernize agriculture, and create job opportunities for the youth.

President Wickremesinghe warned that adhering strictly to the IMF's agreements limits the government's ability to secure loans. He criticized the NPP's promises, which would result in a significant budget deficit and questioned their feasibility. He also cautioned against breaching IMF agreements, which could lead to soaring interest rates and economic collapse.

"We have taken on the responsibility of steering the country forward, advancing our economy with the support of the IMF. In the coming year, our focus will be on easing the burden on people's lives. We are establishing investment zones across the country and rolling out a modernization program for agriculture. Additionally, we are creating new job opportunities for the youth. However, adhering strictly to the IMF's agreements limits our ability to secure loans. The government's budget outlines future expenditures at Rs.6, 800 billion, with projected income at Rs.5, 100 billion, resulting in a budget deficit of Rs.1, 700 billion, or 5.2% of GDP. We are confident in our capacity to manage this deficit effectively. If the NPP delivers on its promises, the cost will be Rs.8, 900 billion. They also propose tax concessions, which would reduce income to Rs.4, 900 billion. This would create a deficit of Rs.4, 000 billion, or 11.9% of GDP. Given these figures, it's unclear how they plan to advance the economy. Furthermore, if we breach our agreements with the IMF and seek funds from the market, the interest rate could soar to 25%. This could result in the value of the dollar rising to Rs.500, and we'd lose IMF support due to the violation of our agreements, potentially leading to an economic collapse," elaborated the President.

The President reiterated the importance of developing an export-driven economy and criticized Anura's proposal to abolish free trade agreements. 

He called for a debate among former Agriculture Ministers Anura Dissanayake, Sunil Handunnetti, and Harshana Suriyapperuma to clarify their economic policy.

President Wickremesinghe has urged Anura Kumara Dissanayake to present a clear and viable economic policy, rather than making speeches from the platform.