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President outlines his track record since assuming office in 2022

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President Ranil Wickremesinghe

President Ranil Wickremesinghe told Parliament yesterday, making a statement, that he had assumed leadership of the country without any conditions, despite being a sole Member of Parliament from his party.

The President said he expected to conclude all negotiations with external creditors by the middle of this year, and that the ultimate goal of debt restructuring was 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 had been brought down to below Rs. 300 and the foreign reserves raised to a value of more than USD 5 billion.

He said a salary increment for government employees could be considered only next year based on the economic growth of 2024 and state income since the current revenue was not sufficient.The President emphasised that achieving a consensus was not solely the responsibility of public representatives in Parliament, and the onus was also on religious leaders, trade unions, professionals, the business community, non-governmental organizations, various opinion leaders, individuals with social influence, and every citizen.

“We anticipate economic growth of at least 3% this year, a forecast supported by multiple domestic and international financial institutions. Inflation has significantly decreased to 1.5%. Additionally, the primary account balance, previously in deficit for several years, turned into a surplus of 0.6% of GDP in 2023.

For the first time in many decades, a surplus in the current account of the balance of payments was achieved in 2023. Furthermore, interest rates decreased substantially, reaching levels as low as 10-13%.

Through a series of reforms, we established financial discipline within the country. Another crucial reform for economic stability was restructuring our debt.

This was a significant consideration for finalising the IMF agreements in September 2022. By December 2022, the total debt as a percentage of GDP had reached 128%, a concerning level. Hence, we devised a debt restructuring program, which was structured into three primary phases.

Over the past couple of years, our government has diligently endeavoured to bring relief to our citizens through the outcomes of our economic recovery initiative. We arranged to directly grant substantial sums of money to economically disadvantaged groups in our country under the “Aswasuma” programme and other relief initiatives. Moreover, allowances granted to kidney patients, the elderly, and individuals with disabilities have been increased by 50%.

Under this programme, economically disadvantaged groups receive more than three times the existing Samurdhi subsidy. In 2024, a total of Rs. 205 billion will be spent for these relief programmes. Relief programs in Sri Lanka trace their origins back to the Second World War. Since then, there has not been such a significant allocation of funds to aid the impoverished.

Over the course of the 2022 Yala season, 2022/23 Maha season, 2023 Yala season and 2023/24 Maha season, our agricultural practices have yielded successful harvests.

The government has contemplated providing a portion of the crops to the impoverished free of charge.

It is imperative to exceed mere economic stabilization and recovery efforts and transition our economy onto a sustainable path. Implementing a formal and swift programme to achieve this transformation is essential.



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34th IMBL meeting concludes on successful note

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The 34th International Maritime Boundary Line (IMBL) meeting took place between the Indian and Sri Lanka Navies aboard SLNS Vijayabahu at the Indo-Sri Lanka Maritime Boundary Line, situated north of Kankesanthurai on Wednesday 06th November 2024.

The purpose of the annual IMBL meeting is to enhance connections and share perspectives on strategies that the Navies and Coast Guards of the  two neighbouring countries can implement to address shared maritime challenges in the Indian Ocean Region.

The Sri Lanka delegation at the IMBL meeting was led by Commander North Central Naval Area, Rear Admiral Jagath Kumara, and the Indian delegation was headed by Flag Officer Commanding Tamil Nadu and Puducherry Naval Area, Rear Admiral Ravi Kumar Dhingra.

During this year’s meeting representatives from both navies engaged in conversations about issues concerning the security of their respective maritime borders and shared perspectives on the advancements made in previous meetings.

Deputy Area Commander Northern Naval Area, Commodore Jayantha Bandara, Director Naval Operations, Commodore Aruna Weerasinghe, a group of senior officers from the Navy and Sri Lanka Coast Guard and Defence Adviser to the High Commission of India in Colombo, Captain
Anand Mukundan were also present.

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Trump win may end US support for Ukraine in war with Russia

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President elect Trump with wife Melania

With the re-election of Donald Trump, Ukraine may soon have to adjust to a dramatic reduction in US support that could have a decisive impact on the war with Russia, CNN reported yesterday (06)

Jennifer Hansler’s report posted on CNN: Throughout his campaign, the Republican President-elect and his running mate, JD Vance, have cast strong doubts on continued US commitment to Kyiv as the war drags on more than two and half years after Russian forces invaded. Moreover, Trump has made comments that suggest the US could pressure Ukraine into an uneasy truce with Russia.

Trump’s victory comes at a precarious moment in the conflict for Kyiv. Russia has steadily been making gains in the eastern Donbas region, which Russia’s President Vladimir Putin aims to capture in full.

Ukraine’s Commander-in-Chief Oleksandr Syrskyi said the situation on the front line “remains difficult” and certain areas “require constant renewal of resources of Ukrainian units” in a statement on Telegram Saturday morning.

Meanwhile, Russia is understood to be bolstering its manpower with North Korean forces. As many as 10,000 North Korean troops are in Russia’s Kursk region and are expected to enter combat against Ukraine in the coming days, US officials have warned.

Under the Biden administration, the US has provided tens of billions of dollars in aid to Ukraine, in the form of both weapons and budget assistance. The administration plans to continue to surge as much support as possible to Kyiv before Trump takes office.

Trump has repeatedly praised Putin – and repeatedly criticized Ukrainian President Volodymyr Zelensky, with whom he has a complicated history. Trump’s efforts to leverage US military aid to Ukraine to force Zelensky to investigate the former President’s political rivals were the key focus of Trump’s first impeachment in 2019.

Zelensky congratulated Trump on Wednesday and said he appreciates Trump’s commitment to “peace through strength.”

“We look forward to an era of a strong United States of America under President Trump’s decisive leadership. We rely on continued strong bipartisan support for Ukraine in the United States,” Zelensky wrote in a social media post. “We are interested in developing mutually beneficial political and economic cooperation that will benefit both of our nations.”

Trump has repeatedly claimed that the Ukraine-Russia war would not have started if he had been President. He has also vowed to end the war, sometimes even claiming he would stop the years-long conflict before even taking office. In July, he said he could settle the conflict in one day.

In August’s presidential debate, Trump refused to say he was committed to Ukraine defeating Russia. In September, he suggested that Ukraine should have “given up a little bit” to Moscow, saying at a campaign event that “any deal, even the worst deal, would have been better than what we have right now.”

“If they made a bad deal, it would have been much better. They would have given up a little a bit and everybody would be living,” Trump said.

Just days after those comments, when Trump met with Zelensky in New York City, he stressed that he would work to get a good deal for “both sides.”

“We have a very good relationship, and I also have a very good relationship, as you know, with President Putin. And I think if we win, we’re going to get it resolved very quickly,” he said.

“I think long before I, before January 20, before I would take the presidency – it’s January 20 – but long before that, I think that we can work out something that’s good for both sides. It’s time,” he added.

Zelensky has drawn up a “victory plan,” and has said Ukraine is not opposed to negotiations, but they must be from “a position of strength.” At a press conference in late October, the Ukrainian President said that “Trump talks a lot, but I didn’t hear him say he would reduce support for Ukraine.”

Zelensky said Wednesday that in their September meeting, he and Trump “discussed in detail the Ukraine-U.S. strategic partnership, the Victory Plan, and ways to put an end to Russian aggression against Ukraine.”

Still, in an interview with South Korea’s KBS, Zelensky acknowledged that “the next US President may strengthen or weaken support for Ukraine.”

“If that support weakens, Russia will seize more territory, it would prevent us from winning this war. That is the reality. Our stance isn’t about territorial compromises but exploring potential diplomatic paths that rely on the US maintaining its commitment. A genuine desire from the United States to end this war swiftly is crucial,” he said.

Ahead of the election, the US and its allies sought ways to “Trump-proof” that support. Earlier this year, NATO announced it would establish a mission to coordinate the provision of military equipment and training for Ukraine – an effort that has been largely led by the US. The Biden administration put forward $20 billion of the G7’s $50 billion loan package to Ukraine, which is also funded by frozen Russian assets.

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SLAF aviation contingent for UN peacekeeping mission in Central African Republic

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Air Marshal Udeni Rajapaksa inspects SLAF aviation contingent for UN peacekeeping mission in Central African Republic (Pic courtesy SLAF)

The passing out parade of the No. 10 Contingent of the Aviation Unit assigned to the United Nations Multidimensional Integrated Stabilization Mission in the Central African Republic (MINUSCA) was held at SLAF Base Katunayake.

The Commander of the Air Force, Air Marshal Udeni Rajapaksa, took the salute as the parade was led by Group Captain Uditha de Silva, the Contingent Commander of the 10th contingent.

This heli-deployment, consisting of 20 officers and 88 airmen, is scheduled to depart for the Central African Republic in the first week of December. During the address to the parade, the Commander noted that the United Nations Headquarters has praised the Sri Lanka Air Force contingents stationed in the Central African Republic for their bravery, professionalism and dedication to duty.

He emphasized that this accomplishment reflects the trust and confidence placed in the military forces of Sri Lanka by the international community, enhancing the nation’s standing on the global stage. This mission is also anticipated to bring significant economic benefits to the country. Sri Lanka Air Force has contributed approximately 130 million US dollars to the national Treasury through the involvement in peacekeeping operations since 2014.

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