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President expects to conclude negotiations with bond holders by mid this year

By: Staff Writer

May 09, Colombo (LNW): President Ranil Wickremesinghe states that for the revival of the fallen country, economic stabilization and recovery programs were formally implemented and that as a result, the journey of economic growth started in the middle of 2023.

In a special statement in Parliament today (09), President Wickremesinghe said he assumed leadership of the country without any conditions, despite being a sole member of Parliament.

He cited his well-thought-out plan, extensive experience and international relationships as reasons for his confidence in the country’s recovery from its challenges.

Meanwhile, the Head of the State noted that economic growth is projected to be around 3% this year, with several local and international financial institutions offering similar forecasts.

The President also expressed that it is his expectation to conclude all negotiations by the middle of this year, and that the ultimate goal of debt restructuring is to reduce the total amount of debt to 95% of the GDP by 2032.

Furthermore, he mentioned that during the first three months of the year, the exchange rate of the US Dollar was brought to a level below Rs. 300 and the foreign reserves were raised to a value of more than USD 5 billion, noting that he was able to achieve this situation as he followed a challenging, difficult but the correct path.

Additionally, Wickremesinghe said a salary increment for government employees can be considered only next year based on the economic growth of 2024 and Government income since the current revenue of the government is not sufficient to consider such salary adjustment requests.

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