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President: Those who try to dictate terms to IMF have Montessori-level knowledge
President Ranil Wickremesinghe told Parliament yesterday that Sri Lanka was set to come out of bankruptcy by securing of the second tranche of the International Monetary Fund’s (IMF’s) Extended Fund Facility.
“We will now focus on securing the foreign aid that was suspended after we declared bankruptcy,” the President said, making a special statement to Parliament to officially announce the IMF decision to grant the second tranche under the EFF.
He said that Sri Lanka still has a difficult journey ahead.
“We have travelled through a suspension bridge and we have no choice but to continue our journey through this bridge,” he said, stressing that Sri Lanka has no choice but to work with the IMF.
“We have managed to strike a deal with most of our debtors for restructuring of debts. However, we are faced with the task of securing a deal with our private debtors who are mainly bond holders,” he said.
President Wickremesinghe said that the conditions imposed by the IMF on Sri Lanka, can only be removed by continuing along the same path and strengthening the country’s economy.
He expressed optimism that the IMF now admits that Sri Lanka has taken decisive steps to overcome the state of bankruptcy.
“Now they [IMF] admit that we have taken decisive steps to save ourselves from the label of a ‘bankrupt state’. I am humbled to be able to lead this proud journey”, the President mentioned.
“I took over a bankrupt country last year. No leader came forward to take over that bankrupt country. Everyone was afraid to accept this challenge. None of the heroes who are now addressing the Parliament had the courage to come forward. I accepted that challenge…”
“All I had was determination and dedication. Not a single MP representing my party was in the Parliament. But the majority of MPs supported me although they were also insulted and mocked. The people of the country also supported me. They faced various hardships and supported this journey”, he added.
The President said that he highlighted that the country’s inflation prevailed at 70% at the time he took over the country, but it has now been brought down to 1.5%.
“At the time the depreciation of the rupee had risen to 80%. The value of the rupee increased to Rs. 360 per dollar. Now it has stabilized at the level of Rs. 325 – Rs. 330 per dollar.”
Moreover, Wickremesinghe said: “We have no other path but this path. There are two main factors in this path – having access to IMF assistance and debt restructuring. We handled both those factors properly. So we have been able to obtain good results.”
Furthermore, he emphasized that with the approval of the second tranche from the IMF, the country will receive multiple advantages including USD 150 million from the World Bank for deposit insurance, which will make the financial sector tremendously strong.
“This makes the banking and financial sector 100% secure”, the President said.
“Foreign investors can invest in Sri Lanka without any doubt then. Our Letters of Credit are accepted at the international level again.”
The President also admitted that the government is aware that a certain group of the society has faced hardships as a result of imposing taxes including VAT, adding that the government had no other choice.
“Some parties question the purpose of a government to govern the country if it has to be subjected to the conditions of the IMF. They claim that they will impose conditions on the IMF once they come to power. These are just childish stories. Only the people who have ‘Montessori-level knowledge’ about the economy can tell such stories”, he added.
“Remember, we can get out of the IMF conditions only if we continue on this path and build a strong economy under these conditions”, the President said.
News
Joint programme between President’s Fund and Janashakthi Foundation to expand healthcare facilities for children
A special collaboration between the Presidents’s Fund and the Janashakthi Foundation, aimed at expanding healthcare facilities available to children under the age of 18, was launched on Wednesday (06) morning.
Implemented under the theme “Building a Healthier Today for a Winning Tomorrow”, this national initiative has been introduced through the joint efforts of the President’s Fund and the Janashakthi Foundation with the objective of reducing the financial barriers associated with children’s healthcare.
Under the President’s Fund, only a portion of the medical expenses incurred by a patient is generally covered. However, under this new collaboration, the Janashakthi Foundation will provide either an equivalent amount or the remaining balance of the treatment cost, whichever is lower.
Speaking on the occasion, Secretary to the President’s Fund and Senior Additional Secretary to the President, Roshan Gamage, stated that the present Government had taken steps to decentralise and digitalise the operations of the President’s Fund, thereby transforming it into a truly people-centric fund. He noted that this had reinforced public confidence in the Fund’s transparency, accountability and effectiveness and added that the collaboration with the Janashakthi Foundation had further strengthened this process.
Gamage further stated that close and meaningful coordination with the private sector would help enhance healthcare assistance provided to children and minimise the gap between the financial aid available and the actual cost of essential medical treatment.
Also addressing the gathering, Managing Director and Group Chief Executive Officer of the Janashakthi Group, Ramesh Schaffter, stated that difficulties in accessing medical treatment constitute a major obstacle preventing children from progressing towards a better future.
He further stated that the collaboration seeks to reduce that obstacle by extending support to children who are in urgent need of assistance, thereby laying the foundation for future generations to face tomorrow with greater confidence.
Under this programme, applicants seeking additional financial assistance are required, when applying to the President’s Fund, to duly complete and submit a consent form authorising the secure sharing of their information with the Janashakthi Foundation.
The identification of children requiring financial assistance, verification of their information and approval of funds will continue to be carried out by the President’s Fund.
Under this initiative, payments will generally be made to the guardians of children following the completion of treatment. However, in cases involving emergency treatment and treatment conducted overseas, payments will be made in advance.
Applicants submitting medical assistance applications to the President’s Fund from 15 May 2026 onwards will be eligible to apply for additional funding from the Janashakthi Foundation.
The event, held at the Hilton Colombo, was attended by J.M. Wijebandara, Director General of Legal Affairs at the Presidential Secretariat and Advisor to the President (Legal Affairs); C.T.A. Schaffter, Founder and Chairman Emeritus of the Janashakthi Group; Gamika De Silva, Group Chief Marketing Officer; Dilshan Wirasekara, Deputy Chief Executive Officer of the Janashakthi Group; as well as officials of the President’s Fund and the Janashakthi Foundation.
President’s Media Division (PMD)
News
Maldivian President concludes state visit to Sri Lanka
The President of the Republic of Maldives, Dr. Mohamed Muizzu, departed Sri Lanka on Wednesday morning (06) from the Bandaranaike International Airport, Katunayake, concluding a successful state visit to the country.
The visit by the Maldivian President and his delegation further strengthened the longstanding friendship and cooperation between the Maldives and Sri Lanka, while delivering a range of mutual benefits to the peoples of both nations.
This marked President Muizzu’s first state visit to Sri Lanka, during which several mutually beneficial areas of cooperation were agreed upon, underscoring the success of the visit.
Minister of Science and Technology, Krishantha Abeysena, Minister of Youth Affairs and Sports , Sunil Kumara Gamage, Member of Parliament Oshani Umanga, along with senior officials of the Ministry of Foreign Affairs, were present at the airport to bid farewell to the Maldivian President, the First Lady and the accompanying delegation.
(President’s Media Division)
News
Govt. draws flak over Rs. 500 mn excess Aswesuma payments
Close on the heels of the USD 2.5 mn theft from the Treasury, the Welfare Benefits Board has reported payment of nearly Rs 500 mn in excess to Aswesuma beneficiaries.
Public action group ‘Free Lawyers’ has raised the latest fiasco to come to light with Speaker Dr. Jagath Wickramaratne, while requesting that the Parliament, in line with its constitutional obligations, initiate an inquiry.
The letter, dated 06 May, signed by Maithree Gunaratne, PC, Attorney-at-Law Athula de Silva, and Rajith Keerthi Tennakoon, on behalf of ‘Free Lawyers’, has alleged that some of the Aswesuma beneficiaries have been paid twice while others received the additional/extra payment.
Responding to The Island queries, Tennakoon said that sheer negligence on the part of those responsible for public finance was shocking.
Alleging that the NPP government seemed to be operating outside basic rules and regulations pertaining to public finances, the former Governor asked the Speaker whether the wrongful Aswesuma payments had been made due to political appointments made at the expense of the experienced and competent staff. (SF)
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