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President’s vision for the country includes measures exceeding IMF/WB stipulations – Sagala Ratnayake

Sagala Ratnayake, President’s Senior Adviser on National Security and Head of Presidential Staff, said that Ranil Wickramasinghe’s vision for building the country is exceeding IMF/WB stipulations.

Sagala Ratnayake expressed these views yesterday (08) in the morning of the President’s Office during the meeting between government officials and World Bank members to start the World Bank Budget Support and Development Policy Operation (DPO).

Pointing out that this is the best opportunity to stabilize the country economically, establish a strong policy framework and go to the required road map, Ratnayake said that we as a country have that ability and we request everyone to make the most of it.

Ratnayake also pointed out the importance of getting the final report related to the preparation of the policy framework at the end of the next two weeks, preparation of the road map and everyone’s commitment according to the time frame.

Minister of State for Finance Shehan Semasinghe mentioned that President Ranil Wickremesinghe is committed to stabilizing the country’s economy and for that the President has taken very difficult decisions.

Faris Hadad-Zervos, Director of the World Bank for Maldives, Nepal and Sri Lanka, said that he is amazed at the active policy and vision of President Ranil Wickremesinghe for the country and the World Bank is working to support it.

The objectives of this discussion are to achieve a specific set of development outcomes through development policy operations that provide direct budgetary support to governments for policy and institutional restructuring.

These operations have been planned under three points namely, provision of rapid financial assistance, transformation of financial governance, and enhancement of competitiveness to enable it to deal with expected development finance needs.

Debt management and transparency, financial supervision, improving tax administration policy, public procurement transparency as well as increasing the value of money, delinking the sovereign financial sector and reducing systemic risk were discussed at length.

Reform and improve oversight of state-owned enterprises, reduce anti-export bias in national tariff policy, remove barriers to foreign investment, reduce energy and transport sector dependence on imported fuels, make more climate-friendly, social security institutions, distribution Strengthening and targeting of the system were also discussed.

Minister of State for Social Empowerment Women and Child Affairs Anupa Paskuwal, President’s Secretary Saman Ekanayake, World Bank Local Manager Chio Kanda and members of the World Bank team and officials of line agencies attended the event.

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