Minister of Labour and Foreign Employment, Manusha Nanayakkara yesterday highlighted the significant improvement in the country’s foreign reserves under President Ranil Wickremesinghe’s leadership.
According to Minister Nanayakkara, the foreign reserves were depleted when the current Government took office, but it has successfully rebounded, reaching a noteworthy US$ 3.6 billion. The Minister was speaking at the “Collective Path to a Stable Country” media briefing at the Presidential Media Centre.
Minister Manusha Nanayakkara said, “Even the Opposition cannot escape criticism, as they have protested against decisions aimed at national development, dismissing them as mere populism. It is essential to acknowledge that such actions contribute to the country’s economic downfall.
“In our case, when we assumed office, the country faced a severe economic crisis with no foreign reserves. Expatriate workers had more assets than the Central Bank’s dollar reserves. Despite the challenges, the Government successfully increased foreign reserves to US$ 3.6 billion, preventing a collapse due to a lack of dollars for imports.
“On taking office, rampant money printing had led to inflation. We addressed this issue and stabilised the exchange rate, reducing the value of the dollar from Rs. 365 to 320. This prevented people from resorting to the blackmarket for foreign currency transactions, ensuring accessibility for education and international transactions.
“The Government also tackled high inflation rates, lowering them from over 25 percent to a single-digit within a year and a half. This helped the country to secure loans from banks and foster economic growth.
“In the past, the country experienced negative economic growth, but we have now achieved positive growth. The agriculture, industry and tourism sectors have all recorded significant improvements compared to the previous year.
“Efforts have been made to address public demand for systemic change. Tax collection has been streamlined, ensuring that everyone pays their fair share. Emigrants are also contributing significantly through substantial taxes paid in their host countries. The Government has initiated operations against the underworld and drug trafficking, although these efforts are being criticised as mere media shows. Many policy decisions have been implemented to bring about the desired systemic changes,” he added.
