Addressing the National Law Conference, June (03), President Wickremesinghe said that Sri Lanka’s next country assessment on Anti-Money Laundering and Countering the Financing of Terrorism will commence soon.

Poson Poya Day is of the highest significance to Sri Lankan Buddhists as it marks the historic arrival of Arahat Mahinda Thera to our Motherland with the message of the Buddha, paving the way to create a new meaningful identity as well as a cultural renaissance.

President Ranil Wickremesinghe reiterated his commitment to prevent any regression of the country to its previous state, emphasizing his determination to transform Sri Lanka into a fully developed nation by 2048.

The President made these remarks during a special statement to the nation, presenting the “National Transformation Roadmap” to the country.

The President explained at length the measures taken by the Government in the past nine months to assist the Sri Lankan economy to recover, as well as the next stages in the state’s social, economic and political reform agenda.

President Wickremesinghe also presented the operational proposal to the country to achieve the desired goals. The country’s development has been based on four primary pillars: fiscal and financial reforms, investment drive, social protection and governance, and state owned enterprises transformation.

President Ranil Wickremesinghe also stated that a joint mechanism would be established to solicit private sector suggestions to accomplish the technical and long-term efforts necessary for the country’s economic transformation.

The President stated that if the country’s economy is not altered to reflect the current world and modern technologies, the country will regress and become an economic colony.

President Ranil Wickremesinghe highlighted that the administration is always devoted to achieving positive outcomes for the country, despite the fact that this reform programme is difficult.

He said no matter how tough and painful the decisions that have to be made, only by adopting the correct policies on that challenging route, will it be possible to uplift the country for future generations.

President Wickremesinghe celebrated the tangible progress already achieved, emphasizing that everyone is now reaping the rewards of hard work, dedication, and progress. Notably, the inflation rate has declined from a staggering 70% to a more manageable 25.2%. The President expressed his satisfaction that the country is beginning to experience relief from economic pressures.

Following is the full statement delivered by President Ranil Wickremesinghe;

“Since the day I took charge of our nation’s economy, I wanted to ensure you that Sri Lanka’s actual economic situation was made clear and transparent. Over the recent months, I have provided regular updates on Sri Lanka’s economic state, outlined strategies to overcome our challenges, and emphasized the role each of us must play for the betterment of our nation.

We have endured numerous hardships due to a struggling economy, but we are slowly making progress towards achieving stability. Our weakened and crippled economy from the crisis is gradually regaining its footing.

This achievement is a result of the correct policies and practices my Government has implemented. It is also a testament to our collective effort as a nation in rising above the many challenges and hardships that came our way.

I would like to express my heartfelt gratitude to all Sri Lankans for persevering through these hardships for the sake of our motherland. If we continue on this path for just a little longer, I am confident we will be able to establish a stable economy free from the difficulties we endured together as a nation.

Embarking upon a journey of collective growth and prosperity

Sri Lanka is now ready to embark upon a journey of collective growth and prosperity

In what manner should we proceed on this journey? Which practices should we adopt to ensure our progress?

Today, it is my honour to share with you a roadmap detailing the steps we intend to pursue to forge a brighter and prosperous future for all Sri Lankans.

Throughout my tenure as President, I have consistently emphasized the need for comprehensive economic and social reforms in Sri Lanka. In the 2023 Budget, I highlighted several reforms that aim to restructure and modernize the nation. It is crucial that we remain committed to these reforms to build a better future for Sri Lanka.

I want to remind you that some decisions we make may not always be popular. However, it is only by pursuing policies that are right and difficult can we uplift our country once again. I can assure you that if we remain committed to reform, we can create a nation where future generations can live freely and happily.

Unfortunately, some groups involved in traditional politics are actively working to hinder our economic revival. They are spreading false information about our reform agenda and intentionally misleading the public with claims that we are selling off the country.

Throughout history, these groups have continuously resorted to fear-mongering tactics, falsely asserting that our actions are driven by a desire to sell out our nation. They have deceived many Sri Lankans in the 1950s, 1960s, 1970s, and even the 1980s, instilling an irrational fear of the country being sold away. From then until now, these groups have disrupted real progress for economic reform by perpetuating this slogan of “selling the country”.

I am confident that you will no longer be deceived by such slogans. It is imperative for all of us to work diligently and to totally devote ourselves to the upliftment of our country. Our objective is to transform into a fully developed nation on the global stage by 2048. If we fail to align our economy with the modern world and the latest trends in technology, we will regress. The consequence of failure is the country becoming an economic colony. Let us forge ahead and shape our economy in a way that enables us to compete on the global stage. Let us carry out the necessary economic reforms for the greater good of our nation.

Through these economic reforms, our aim is to rectify misguided policies, programmes and projects. Rebuilding a bankrupt nation cannot be achieved by using traditional methods. We must adopt a fresh approach and embark on a new journey of transformation.

What are the outcomes of these economic reforms?

The Cost of Living for all Sri Lankans will decrease, and our standards of living will rise. Is that a mistake? Is it tantamount to selling our country? These reforms generate new opportunities for businesses to grow and thrive, ranging from small-scale enterprises to large-scale ventures. Is that a mistake? Is it a country being sold?

We are working to provide necessary relief and essential facilities to the poor and the most vulnerable segments of our society. Is that a mistake? Is it a betrayal of our country?

The burden of covering losses incurred by state owned enterprises will no longer be placed on the people. Is that a mistake? Does it suggest a country’s sale?

A culture of accountability and transparency is being fostered. Is that a mistake? Does that mean the country is being sold? We are working to make Sri Lanka one of the world’s fastest-growing nations. Is that a mistake? Does that imply that the country is for sale?

The implementation of our economic reforms serves only to achieve sustainable development and prosperity for our country. Through these reforms, we will accelerate Sri Lanka’s modernization, expand our market, and encourage greater contributions from the international community toward our development.

We acknowledge that this journey is not an easy one, and we anticipate numerous challenges along the way. However, we are determined to overcome these obstacles. Our Government is committed to always acting in the best interest of our country.

We will not allow anyone to drag our motherland back to where we were a year ago. Today, some individuals seem to have forgotten the hardships endured by Sri Lankans during that time. Our economy contracted by 8.7%, our foreign exchange reserves hit rock bottom, and we experienced one of the highest inflation rates in the world. Foreign loans went unpaid, pushing the country into bankruptcy. Food scarcity became a pressing issue, with people waiting in queues for days to obtain oil and gas. Agriculture suffered due to a lack of fertilizer, resulting in crop losses and helpless farmers. Businesses collapsed, leading to job losses and income sources drying up. Hospitals faced shortages of medication, schools had to close, and power cuts lasting 10-12 hours became commonplace. The country was in disarray, with people struggling to survive.

Unable to bear these hardships any longer, the people became restless and began to struggle. In the face of these tremendous challenges, I assumed the responsibility of managing the country’s economy as the Prime Minister. In such a difficult backdrop, I possessed only one source of strength: my unwavering belief and determination to safely guide our motherland across this arduous journey.

When we first took steps to stabilize the country, we implemented stringent financial controls. We recognized that our only way out of this crisis was to seek support from the International Monetary Fund (IMF). Thus, we initiated negotiations with them, which involved multiple rounds of lengthy discussions. Eventually, the IMF agreed to provide us with an Extended Credit Facility. Additionally, we embarked on programmes to secure loan assistance from other financial institutions such as the World Bank and the Asian Development Bank.

During this challenging period, our neighbour India played a significant role in supporting us. Bangladesh and Japan also offered their support. Several countries, including China, India, Japan, and members of the Paris Club, agreed to restructure our debt, of which we are immensely grateful for on behalf of the Sri Lankan people. These collective efforts and collaborations are part of our commitment to achieving sustainable development and success for our country.

In our efforts to stabilize the country, we implemented strict financial controls, leading to significant cost savings. Additionally, our foreign workers have made valuable contributions to our nation-building endeavours. In the first quarter of this year, the remittances sent by foreign workers increased by 80.6% compared to 2022. Furthermore, our new tax policies have resulted in an additional income of Rs. 210 billion in the first quarter of 2023. These achievements highlight the positive impact of our measures on our economy.

Today, we are reaping the rewards of our hard work and dedication. Inflation, which had skyrocketed to 70 percent, has now decreased to 25.2 percent, lightening the burden of daily life for all of us. The entire population of Sri Lanka is experiencing a sense of relief given the improvements we made to the economy.

Now, let me explain our vision for the future and how we plan to move forward. We have built our roadmap on four key pillars that will shape our path ahead.

The 1st Pillar – Fiscal and Financial Reforms

We have successfully reached an agreement with the International Monetary Fund (IMF) regarding fiscal and financial reforms, which received approval from Parliament. We have initiated reforms in tax policies, revenue administration, and public financial management, and we will continue to pursue the successful delivery of these efforts. Our aim is to implement necessary reforms that will ensure long-term sustainability of public debt and the stability of our economy. Ultimately, we want to rebuild confidence in the Sri Lankan market.

In our pursuit of economic stability, we have implemented various cost reduction and containment measures since May 2022. We are taking further steps to minimize unnecessary expenses, emphasizing to government officials the need for prudent spending. Our approach includes:

1. Halting unnecessary expenditure,

2. Streamlining Government activities to reduce costs,

3. Designing cost-effective government operations, and

4. Leveraging automation and digitalization to reduce costs while delivering quality services.

The 2nd Pillar – Investment Drive

Promoting investments plays a crucial role in boosting a country’s economy. We also recognize the significance of collaboration between the public and private sectors in our journey towards economic growth. Our goal is to transform Sri Lanka into an export-oriented economy that is globally recognized, following the successful models of countries like South Korea and Singapore.

Furthermore, we aim to prioritize modern and sustainable efforts such as renewable energy, green hydrogen, and digitization. We can draw inspiration from the Andhra region of India, which has excelled in developing these areas. Such modern and sustainable initiatives are vital for the complete transformation of Sri Lanka’s economy.

Over the next few months, we will make a special invitation to the private sector to submit their own business proposals that align with our vision of modernization and sustainability. We will ensure transparency and openness by publicizing this call for proposals through mass media in a formal manner. We believe that a collaborative partnership between the public and private sectors will drive the engine to accelerate Sri Lanka’s economic growth and revival.

The selection of proposals is based on four key criteria:

1. Size of private investment,

2. Job creation,

3. Export contribution, and

4. Economic contribution.

To ensure the effective implementation of these business proposals, we will introduce a new system called the Lab methodology.

Under the Lab approach, we will bring together Government Ministers, government officials, subject matter experts, and key representatives from the private sector to collaboratively engage in detailed discussions over a period of six weeks. The aim is to collaboratively resolve any roadblocks hindering the roll-out of investments and projects by listening carefully to the private sector. During these discussions, comprehensive implementation plans will be developed, and the necessary facilities to support the implementation of these projects will be organized. Government stakeholders involved in the Labs will dedicate their full-time efforts to ensure the successful execution of these projects.

As President, I, along with the Cabinet Ministers, will actively participate in this event to demonstrate the government’s commitment to ensuring success of the Lab process.

Through the Labs, we aim to achieve three main objectives. They are to:

1. Accelerate the economic recovery through approved business proposals and projects

2. Create new employment opportunities, and to

3. Streamline the government machinery to facilitate the implementation of future projects by removing obstacles through transparent procedures.

In order to foster a conducive environment for investment, we also need to reform Sri Lanka’s trade practices, which have been structured under strict protectionist policies. It is time to remove these barriers that have discouraged investors and to promote a more open and welcoming approach.

3rd Pillar - Social Protection and Governance

We will also apply the Lab methodology to address social safety net concerns. We will engage various government ministries, departments, agencies, civil society representatives, and subject matter experts in the integration process of social security measures.

Over the years, the people of Sri Lanka have expressed three main demands: combating corruption, protecting the poor and vulnerable sections of society and ensuring transparency in Government actions and practices. We are actively working to meet these demands.

Through the Lab methodology, we will assess the adequacy of social security measures for the most vulnerable and disadvantaged sections of society. Our goal is to provide them with the necessary support and relief they require.

A special task force is being established to combat corruption across all sectors, including regulation, procurement, and political corruption. We are committed to implementing anti-corruption practices through a government mechanism that emphasizes accountability via modern techniques such as digitization.

4th Pillar – State Owned Enterprises Transformation

There are currently 430 public enterprises operating in 33 sectors of the economy. These enterprises employ 6% of the Sri Lankan population. However, many of these enterprises have garnered monopolistic positions in the market, hindering private investment. Price fixing, inefficient management, and poor entrepreneurship have weakened public finances, turning these institutions into national burdens that are dependent on the taxpayer.

Notably, entities like the Ceylon Petroleum Corporation, Ceylon Electricity Board, and SriLankan Airlines have incurred significant operating losses, equivalent to 1.6% of the country’s GDP in 2021. It is unjust to burden the 22 million people of Sri Lanka with this debt. We must urgently undertake necessary reforms in our SOEs to ensure the turnaround and success of these enterprises.

We have already initiated the preparation of a restructuring plan for public enterprises. Additionally, we expect the chief officers of these enterprises to be committed to improving their performances. If they fail to meet the annual targets assigned to them, we will not hesitate to replace them with more suitable candidates.

Public Engagement

Public participation is crucial to our Labs. All outcomes from the lab discussion, including plans, analyses, and conclusions during the six-weeks will be shared with the public in a physical forum called the “Open Day”. This platform will allow the public to express their feedback to the lab outcomes and the nation’s reform efforts, of which their contributions will serve to further refine the implementation process.

I am actively taking steps to regularly present information about our reform and reorganization programs to the public. I believe that the President should make it an annual ritual to engage with the people and provide updates on our nation’s progress.

We recognize the importance of incorporating the views of all segments of society in implementing our roadmap towards growth and prosperity. After hearing from the public during the “Open Day”, we will transparently share the progress of the Labs along with the activities of the special task forces related to the economy through digital media. This will allow the public to observe the implementation of the plans in practice, and also be able to identify and resolve obstacles along the journey.

In the last quarter of this year, we will then work to unveil the national transformation plan to the public.

Following extensive efforts, we anticipate revealing the National Reorganization Plan during the final quarter of this year. This plan aims to offer the public the chance to witness the advancement of plan implementation and practices via digital media. Furthermore, it encompasses a systematic approach to shed light on challenges and barriers encountered during implementation. Consequently, it becomes feasible to swiftly identify and resolve obstacles and issues.

To coordinate the implementation of these plans, we are establishing a Presidential Delivery Bureau (PDB) composed of high-ranking officials from both the public and private sectors. They will collaborate with the line ministries to ensure effective coordination throughout the implementation phase.

Building the future

These reforms are designed to benefit the entire population and foster the development of the entire country. We aim to enhance the living conditions of all Sri Lankans, including you. Our program is not exclusive to any particular segment but targets the entire nation. By doing so, we can enhance Sri Lanka’s international competitiveness in exports and create new opportunities for labour participation amongst the youth, leading to a fully stabilized economy within the next five years.

Ultimately, our vision is to become a fully developed country by 2048, with the responsibility for continued progress passed on to the next generation. We are preparing our youth for this role, and I have full confidence that they will lead our motherland towards this objective.

This work methodology is a collective effort to build the future for all of us and to ensure a better tomorrow for future generations to come.

Therefore, I invite all Sri Lankans to join me in this journey to create our new and shared future in our beautiful country.

Sri Lanka Railways will operate additional trains for the benefit of devotees during the Poson festival.

Railways Deputy General Manager (Traffic) M. J. Indipolage special trains will be in operation covering all areas where Poson festival is celebrated on a grand scale.

He said people mostly use trains to reach the respective areas during the Poson season. Twelve special trains and 10 regular trains will be in operation covering such areas from June 2 to June 5, 2023.

Speaking at a press conference held at the Information Department, Indipolage said the first train is scheduled to start from Colombo Fort railway station to Anuradhapura on June 2 at 01 pm. Another train will leave for Anuradhapura from Fort Station on the same day at 4.40 pm.

A train bound to Anuradhapura will start at 8.15 pm from Galle railway station on June 2. On June 3, a train is scheduled to run from Colombo Fort at 7.05 am and from Beliatte station at 7.30 am to Anuradhapura.

On June 3, the train is scheduled to run from Anuradhapura to Colombo Fort at 5 pm and to Galle at 9.30 pm. He further stated that a special night train from Kosgama to Maharagama and from Maharagama to Kosgama is scheduled to be operated to facilitate the devotees visiting the Homagama Poson zone.

Police Media Spokesperson SSP Nihal Thalduwa stated that the Sri Lanka Police has prepared plans to implement the programme to ensure security and prevent violence in the Poson Zones.

Civil police officers and intelligence officers have also been deployed for the protection of the pilgrims and the traffic police are also going to be deployed to limit the possible traffic on the road.

In the meantime, he also mentioned that police life protection officers and awareness officers have been deployed to reduce the possible loss of lives due to drowning in lakes in nine police areas around Anuradhapura and Mihintale.

He emphasized that more attention should be paid on the use of the loudspeakers as the G.C.E OL Examination is being held.

IMF Deputy Managing Director Kenji Okamura, yesterday said that Sri Lanka’s economic reform programme has produced significant outcomes and deserves praise. He added that the current ties between Sri Lanka and the IMF will be further strengthened. The visiting IMF Deputy Managing Director said that Sri Lanka will be able to expand investment opportunities with the assistance extended by the IMF.  

Sri Lanka will be able to make progress in its path to success through the economic stabilization programme implemented so far, IMF Deputy Managing Director Kenji Okamura made these remarks when he met Finance State Minister Shehan Semasinghe at the latter’s Ministry yesterday. Semasinghe, said that the people have provided their support for the challenging measures required to revive the country’s economy.

The State Minister made these remarks during a meeting with IMF delegation led by IMF Deputy Managing Director Kenji Okamura at the Finance Ministry yesterday.

The Government has implemented a transparent social welfare empowerment programme to empower the people while providing welfare to the people, he said.

The State Minister said that the IMF delegation was also apprised of this mechanism too. Semasinghe added that the country is in a challenging moment and a number of reforms programmes were implemented with an objective of stabilising the economy in a macroeconomic environment.

He conceded that the country has to do many things to achieve long-term economic growth. “The economy should be diversified. It is very important to develop the business environment, strengthen financial management and introduce anti-corruption laws,” he said.

Finance Ministry Secretary Mahinda Siriwardena, Central Bank’s Economic Research Department Director Dr. P.K.G. Harischandra and IMF’s Asia Pacific Deputy Director Anne-Marie Gulde and IMF Country representative Sarwat Jahan were present.

The 25th ‘Sadaham Sara’ Dhamma Sermon and an alms giving to the Maha Sangha for the upcoming Poson Poya were held yesterday at the Mass Media Ministry with the participation of Transport, Highways and Mass Media Minister Dr. Bandula Gunewardene, Mass Media Ministry Secretary and Associated Newspapers of Ceylon Limited (Lake House) Chairman Anusha Palpita and the Ministry staff.

President Ranil Wickremesinghe expressed his regret to the Japanese Government for the suspension of the Colombo Light Rail Transit (LRT) project, which was being implemented with Japanese support.

During the official meeting in Tokyo yesterday morning (25) between President Ranil Wickremesinghe and Japanese Prime Minister Fumio Kishida, the President emphasized the need for future legislation in the Parliament to ensure that bilateral large-scale projects cannot be halted or cancelled without the agreement of both parties.

The Japanese Prime Minister warmly received President Ranil Wickremesinghe and bilateral talks commenced after a friendly conversation between the two leaders.

President Ranil Wickremesinghe expressed his gratitude to Japan for its support in helping Sri Lanka recover from its economic crisis, thanking the Japanese Prime Minister for his assistance.

The leaders also discussed new opportunities to enhance cooperation between Japan and Sri Lanka.

In another meeting held on the same day (25) in Tokyo, President Ranil Wickremesinghe met Japanese Finance Minister Shunichi Suzuki to discuss Sri Lanka’s debt restructuring and the International Monetary Fund’s programme. Subsequently, President Ranil Wickremesinghe met with Japanese Foreign Minister Yoshimasa Hayashi, focusing on strengthening long-term bilateral relations between Sri Lanka and Japan, including increased cooperation in economic and cultural fields.

Additionally, President Ranil Wickremesinghe and former Prime Minister of Japan Yasuo Fukuda participated in a breakfast meeting organized by the Japan-Sri Lanka Association in Tokyo on the same day (25).

During the meeting, President Ranil Wickremesinghe briefed the former Prime Minister of Japan on the ongoing economic recovery programme in Sri Lanka. The President highlighted the favorable investment climate in Sri Lanka and extended an invitation to Japanese investors to return and invest in the country.

Furthermore, a meeting was held between the former Prime Minister of Japan,Taro Aso, and President Ranil Wickremesinghe, focusing on potential steps to strengthen the existing close and friendly relationship with Sri Lanka.

President Ranil Wickremesinghe also engaged in bilateral talks with Singapore’s Deputy Prime Minister Lawrence Wong in Tokyo on the same day (25). The President reaffirmed Sri Lanka’s commitment to implementing the Singapore Free Trade Agreement during discussions with the Deputy Prime Minister of Singapore.

President Ranil Wickremesinghe addressed the ‘Nikkei Forum: Future of Asia’ held in Tokyo, Japan yesterday (25). During his address, the President emphasized the Government’s approach to the Indian Ocean and Asia-Pacific regions.

In the presence of esteemed world dignitaries, including the Deputy Prime Ministers of Singapore and Vietnam, President Wickremesinghe highlighted the importance of Asian states having a voice in shaping the region’s role amidst the evolving geopolitics on the global stage.

He acknowledged the diverse nature of Asia as a contributing factor to the region’s economic growth, establishing it as a significant global player.

President Wickremesinghe elaborated on the distinction between the Asia-Pacific region and the Indian Ocean, stating that while the former possesses a structured regional organization, the latter remains an evolving space. Emphasizing the adherence to the principles established in the 1955 Asian African Conference in Bandung and the UN Declaration of the Indian Ocean as a Zone of Peace, the President reaffirmed Sri Lanka’s commitment to fostering multi-layered connectivity in the Indo-Pacific.

Additionally, the President expressed full support for Japanese Prime Minister Fumio Kishida’s “Principles for Peace and Rules for Prosperity” policy. President Wickremesinghe emphasized that Asian nations would refrain from taking sides in the global Big Power rivalry, as many have chosen to prioritize the progress and development of Asia.

In conclusion, President Wickremesinghe welcomed the cooperative approach of Japan and the G7 in building a stable relationship with China. He supported Japan’s vision for a “Free and Open Indo-Pacific” and called for an open-ended dialogue among Asian nations to foster peace and cooperation in the region.

Following is the full speech delivered by President Ranil Wickremesinghe the Nikkei Forum on the Future of Asia in Tokyo today (25);It is indeed a pleasure to participate in the renowned Nikkei Forum on the Future of Asia. Asia Claiming nearly 30% of the Earth’s land mass, Asia is home to 4.75 billion people, which is about 60% of the world’s population. The region is now the world’s largest economy.

Despite setbacks on the global stage, Asia has the potential for continued growth. China’s recovery, together with a healthy domestic demand in India, will be the main supports of growth for the region. Asia also has the advanced economies of Japan and South Korea contributing to the region’s development, through foreign investments and technology transfers.

ASEAN, as the 5th largest economy in the world, is growing at a steady pace. According to the PricewaterhouseCoopers Report, ‘The World in 2050’, as many as six ‘Emerging Markets’ (E7) will make up the top 10 world economies. Of them, four, including the top two, are forecast to be from Asian nations.

Two other Asiatic states, Vietnam and the Philippines will also make significant advances into the top 20 nations.

What is more, West Asia continues to experience high economic growth. All in all, not only has Asia become the global economic powerhouse of our age, and the most dynamic region, but it is also on an unprecedented upward trajectory. Thus the centrality of the global economy is shifting to Asia. The region’s economy is already similar in size to those of Europe and North America. And as the global economy seeks to recoup, Asia and the Pacific is predicted to contribute nearly 70% of global growth this year.Asia’s strength is derived from its openness.

The territory comprises some of the world’s wealthiest economies and some of the poorest; large sub-continental powers as well as small states.

This diversity has only served to strengthen the region’s role in the global arena. All of our countries benefited from the cooperation between the US and China in the post-Cold War era. Yet the subsequent rapid rise of China and the inability of the two countries to agree on China’s role on the international stage have led to rivalry and needless tensions in our part of the world.

It is from this political background that Asia has to grapple with incipient as well as prevailing global challenges as the post-cold war era comes to an end. I will expand on the main challenge.

Democratic Values & Human Rights Sri Lanka is the oldest Democracy in Asia, with a Parliament tracing its origins to 1835 and universal franchise sustained from 1931. Yet, our multiparty political system is not the norm in other parts of Asia.

Similarly, understandings and definitions of Human Rights in Asia range from the recent G7’s Hiroshima Leaders’ Communiqué to China’s Global Civilisation Initiative.

Given this diversity, it is not possible to impose our value systems on all the Asian countries. The dilemma we face is not new.

It took the West over a century and two World Wars before Democratic Values and Human Rights became the norm. Similarly, in Asia, I doubt that there will be an immediate consensus on the fundamental values of the political system or a definition of Human Rights that is acceptable all Asian countries. Moreover, the strengthening of democratic values in a complex background of big power rivalry is also an onerous problem.

A consensus on fundamental political values amongst Asian countries will involve taking into account the distinct geographical, historical, political, economic, developmental and cultural backgrounds of nations. However the West may not agree with this position.

If the West wants a rule based order, the West must adhere to these rules all the time.Climate Change Climate change is a planet-defining challenge, and the stakes are particularly high for Asia.

Temperatures are rising twice as fast in Asia than the global average, which is also related to the escalation in weather severity and the frequency of natural disasters. Rising sea levels from global warming are eroding land and coastlines; imposing severe pressure on rural incomes, food security, and commodity exports.

By mid-century, rising waters will impact nearly a billion people in the Asia-Pacific region. It is regrettable that as many as eight of the fifteen countries affected by climate change are from Asia: Maldives, Bangladesh, China, India, Indonesia, Myanmar, Pakistan, Philippines and Vietnam.

Ironically, the region is also a key cause of the climate change crisis. We produce about half of the world’s carbon emissions and have 5 of the largest greenhouse gas emitting countries.

One cannot emphasise the urgency for policies and actions to curb emissions on the part of these countries.

Meanwhile, much of Asia is already responding to mitigate the challenges of climate change; with virtually all countries having made updated commitments under the Paris Agreement.

For instance, China has pledged its goal of carbon neutrality before 2060, with Japan and Korea by 2050. In addition, many countries in the region have been in the forefront of adaptation efforts. Hence all is not lost.

However, it would be appropriate if Asia could agree on a common timeline for achieving carbon neutrality, based on the shorter period upheld by some of the industrialized countries in our region. This is possible if an agreement is reached amongst China, India, Japan, Korea and Indonesia.

Considering the magnitude of loss and damage due to impending climate change, exacerbated by inadequate funding, Asia alone will require US $1 trillion up to 2050 to finance these challenges. Therefore, it is essential that all Asian countries work together in addressing the climate change issues.

A single Asian voice devoid of disharmony needs to be present at COP 28. The success of this conference will depend on the ability of the key Asian nations to come to an agreement.

Trade Integration

The entry of the Asian juggernaut in the form of China, the ASEAN Tigers and India has effectively changed the international economic order of the 20th century. Yet these gains are at risk today, as Asia confronts debt sustainability, de-coupling, and economic coercion.

Debt sustainability consequent to COVID-19 is the critical impasse of several Asian nations, Sri Lanka being one of the first and worst affected.

As a middle-income country, Sri Lanka accepted that:

b) The only option available for vulnerable middle-income countries is to seek the assistance of the IMF to ensure multilateral coordination and cooperation in debt restructuring.

Decisions were quickly taken to enter negotiations, talks began in June last year, a Staff-Level Agreement was reached in September, the IMF Executive Board approved a US $3bn loan under the Extended Fund Facility in March 2023, and Parliamentary approval was obtained in April this year. We have now started creditor meetings and hope for a successful conclusion before end of 2023.

This process involves the multilateral agencies, Paris Club members, India, China and the private creditors. India is working with the Paris Club, while China, in addition to holding bi-lateral meetings, is also taking part in the creditor meetings. Sri Lanka is dedicated to ensure equal treatment for all creditors. We want this exercise to succeed because our experience will enable more middle-income countries to utilise the IMF in ensuring multilateral coordination for debt relief.

The US - China rivalry has given rise to a number of responses by the West especially to economic coercion and weaponizing of economic vulnerabilities. Yet some of these responses may result in a setback to trade integration in the region. Unlike the West, Asia is dominated by middle-income and low-income economies. Of the 12 high-income economies in Asia, only 6 are outside West Asia. The rest of us, including China, India, and Indonesia, are middle income economies. We have to overcome the middle-income trap of economic stagnation.

In addition to economic coercion, other impediments to trade integration are economic de coupling and similar measures contrary to the WTO rules.

Needless to say that we in Sri Lanka and many other Asian nations are opposed to economic coercion: whether it be by one country coercing another using its economic power; or by indirect methods such as de-coupling, or friend-shoring- manufacturing and sourcing only from geopolitical allies - contrary to the WTO.

Thus the WTO system put in place three decades ago should not be by-passed for short term geo-strategic gains. The rules of the game cannot be changed arbitrarily. The losers will be the middle-income Asian countries.

Sri Lanka welcomes the pledge made at the G7 Hiroshima Leader’s communiqué to reject de-coupling and its strategies in favour of economic resilience and economic security. To this end, the G7 has undertaken to engage in dialogue and follow a cooperative approach within the group as well as with global partners - including developing countries.

It is appropriate that the rules-based multilateral trading system with the WTO at its core be upheld.

Ukraine War

Most of the Asian nations prefer not to be involved in the Ukraine war, though some in the West decry this as an over-extension of neutrality. Nonetheless, diverse opinions on the Ukraine war have emerged within Asia.

For the G7 it is direct invasion of Ukraine, a violation of the UN Charter.

Outside the West, it is seen as a more complex problem arising from the break-up of the Soviet Union and the inability of Europe to resolve this issue. Hence a disinclination to get involved in the European war.

All of us must endeavour to understand and appreciate these different views and attempt to find a common meeting point so as to end this conflict after the predicted counter offensive is concluded.

U.S. / China Rivalry

Asia has become the crux of U.S. China rivalry.The intensification of that rivalry in recent times has brought about the QUAD (between the USA, India, Australia, and Japan) and the Indo-Pacific on one hand and the Belt and Road Initiative (BRI) on the other.

One thing is certain, Asian countries do not wish to be forced to manage competing pressure from these two sides.

For example, most ASEAN countries and China are economically interdependent; and countries such as Cambodia and Laos have moved into the Sino-economic radar.

By the time the U.S. launched the comprehensive Strategic Partnership with ASEAN late last year, China had already established a similar link with the Association a year before.

Consequently, the pressure on Asian countries to choose between the US and China is being resisted by many.

We are opposed to what my friend Vivian Balakrishnan, the Foreign Minister of Singapore, calls the bifurcation of Asia.We in Asia don’t want to choose between U.S. and China. Many of us cannot make that choice because we have already made our choice, and that choice is Asia. We want an Asia that can accommodate the Indo-Pacific, the BRI, as well as the ASEAN Outlook on the Indo-Pacific.

The BRI is a strategy to increase China’s influence in Asia and Africa through economic means. We, the members of the BRI, have no security arrangements with China, nor do we intend to enter into any security agreements with China.

The Indo-Pacific is an evolving concept with unanswered questions.

The APEC (Asia Pacific Economic Cooperation) is a structured regional organisation, which includes channels of dialogue between the U.S. and China. However, on the other hand, the Indian Ocean is amorphous. There is no effective regional political system; nor structures to deal with economic or security matters.

The only principles guiding the Indian Ocean States are the outcomes of the Asian African Conference of Bandung 1955 and the UN Declaration of the Indian Ocean as a Zone of Peace.

These were again restated at the inaugural Indian Ocean Rim Association (IORA) Leaders’ summit in 2017. Therefore in the absence of any structures in the Indian Ocean, Sri Lanka convened “Indian Ocean - Defining Our Future Conference in 2018” highlighted the need for an agreement on the freedom of navigation, over flight, and undersea cables.

Then in 2019, the ASEAN adopted the ASEAN Outlook on the Indo-Pacific-the Asia-Pacific and Indian Ocean are distinct but closely integrated and interconnected space.

Sri Lanka is committed to multi layered connectivity in the Indo-Pacific. Furthermore, we also support Prime Minister Kishida’s Principles for Peace and Rules for Prosperity. In keeping with the Rules for Prosperity, Sri Lanka will apply for membership to RCEP with the aim of achieving a higher level of economic liberalization.

Sri Lanka welcomes the G7s announcement that they are prepared to build a stable and constructive relationship with China. This is essential - as espoused by Prime Minister Kishida in New Delhi earlier this year when presenting Japan’s New Plan for a “Free and Open Indo-Pacific” (FOIP). I quote: “the approach we should take going forward is rule-making through dialogue that respects the historical and cultural diversity of each country, the equal partnership among nations.”

We appreciate this cooperative approach of Japan and give it our full support. It is crucial for the emergence of a peaceful and prosperous Asian region. We also support a dialogue between all Asian nations.

In this context, Sri Lanka is of the view that Japan, China, India, and ASEAN, should commence an open-ended dialogue amongst themselves and thereafter with the other Asian countries.

This is the first step in establishing a new framework for Peace and Co-operation in Asia.

Cabinet approval has been granted to implement the Megapolis Western Region Master Plan 2048, Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardena said.  

He was speaking at the weekly Cabinet media briefing held yesterday at the Government Information Department.

The Cabinet of Ministers approved the combined proposal presented by the President, the Prime Minister and the Minister of Urban Development and Housing to appoint a Ministerial

Committee under the chairmanship of the Prime Minister for the guidance and co-ordination of facilities for the implementation of the plan prepared. On May 8, this year the Cabinet gave approval for awarding the Surbana Jurong (Private) Limited of Singapore to review the Western Area Megapolis Plan prepared by the UrbanDevelopment Authority in 2015. The said plan will be reviewed and the Western Region Master Plan 2048 will be prepared so that the projects identified so far under the original master plan can be implemented on a priority basis.

President Ranil Wickremesinghe left the island today for an official visit to Singapore and Japan.

While in Singapore, he will meet with Mr. K. Shanmugam, the Law and Home Affairs Minister, along with high-ranking diplomats.

The President’s visit to Japan, scheduled from May 24 to 27, will include discussions with Prime Minister Fumio Kishida on strengthening bilateral relations and addressing regional and international matters.

Additionally, meetings are planned with Japanese Foreign Minister Yoshimasa Hayashi, Finance Minister Shun’ichi Suzuki, and Digital Transformation Minister Taro Kono.

President Ranil Wickremesinghe will also address the Nikkei Forum’s 28th Future of Asia conference in Tokyo on May 25 and 26.

This international conference convenes leaders to discuss political, economic, and regional issues in the Asia-Pacific region.

The President will engage with the Japan-Sri Lanka Business Cooperation Council, the Japan-Sri Lanka Parliamentary Friendship Association and the Sri Lanka Chamber of Commerce in Japan.

It is worth noting that this is President Wickremesinghe’s second visit to Japan during his current tenure, following his attendance at the funeral of former Prime Minister Shinzo Abe in September 2022.

The visit aims to strengthen cooperation and foster friendly relations between the two countries.

The President will be accompanied by Professor Maithree Wickramasinghe, Senior Advisor to the President on National Security and Chief of Presidential Staff Mr Sagala Ratnayake, Senior Advisor to the President on Economic Affairs Dr. R.H.S. Samaratunga, the President’s Director of International Affairs Mr Dinuk Colombage, and the President’s Private Secretary Ms Sandra Perera.

In a significant move to address Sri Lanka’s fuel supply challenges, a contract agreement was signed with Sinopec, a leading international petroleum company. The agreement, signed yesterday (22), marks a crucial step in ensuring a steady and uninterrupted fuel supply for the nation.

The signing ceremony took place at the Presidential Secretariat, with representatives from both Sri Lanka and Sinopec in attendance.

Secretary of the Ministry of Power and Energy Mr. M.P.D.U.K. Mapa Pathirana and Mr. Chen Chengmin, Managing Director of Fuel Production and Marketing Department of Sinopec Company, signed the agreement in front of the President.

On the Sri Lanka side, the Secretary of the Ministry of Power and Energy, the Chairman & Managing Director of the Ceylon Petroleum Corporation, and the Chairman of the Ceylon Petroleum Storage Terminals Limited participated. From Sinopec, representatives from Sinopec Fuel Oil Lanka (Private) Limited, Sinopec Fuel Oil Sales Co. Ltd (People’s Republic of China), and Sinopec Fuel Oil (Singapore) Pte. Ltd. were present to formalize the agreement.

In response to the on-going foreign exchange crisis in Sri Lanka, the Ministry of Power and Energy has taken this decisive action to ensure an uninterrupted fuel supply to consumers. With the inability to provide sufficient foreign exchange for fuel shipments, the Ceylon Petroleum Corporation (CPC) and Lanka Indian Oil Company (LIOC) faced significant challenges.

To tackle this issue, the Ministry explored various strategies and one of them involved inviting Expression of Interests (EOIs) from reputable petroleum companies established in producing countries. The goal was to import, store, distribute, and sell Petroleum Products in predetermined Distribution Dealer operated Networks in Sri Lanka. The Cabinet of Ministers approved this initiative.

One of the key requirements for new retail suppliers entering the market was their ability to secure forex requirements without depending on the domestic banking sector. It was mandated that these companies source their own funds for fuel procurement through foreign sources, at least during the initial one-year period of operation.

After receiving EOIs, the companies that were shortlisted were invited to submit detailed proposals in response to a Request for Proposal (RFP) document. The Cabinet Appointed Special Committee (CASC) and the Technical Evaluation Committee (TEC) thoroughly scrutinized the proposals and recommended awarding contracts to the following companies, subject to negotiations:

M/s Sinopec Fuel Oil Lanka (Private) Limited, F5, Hambantota Maritime Center, Mirijjawila, Hambantota, Sri Lanka
M/s United Petroleum Pty Ltd, 600 Glenferrie Rd, Hawthorn, Victoria 3122, Australia
M/s RM Parks, 1061 N. Main St, Porterville, CA 93257, USA, in collaboration with Shell PLC
The Cabinet of Ministers, considering the recommendations made by the CASC and the Committee Appointed by the Cabinet, granted approval to award the contracts to the selected suppliers.

Sinopec, along with its affiliated companies, is set to commence operations in Sri Lanka within 45 days following the issuance of the license. This development brings hope for a more stable and reliable fuel supply, boosting the country’s energy sector and providing assurance to consumers.

Minister of Power and Energy Kanchana Wijesekera, State Ministers D.V. Chanaka, Indika Anuruddha, Shehan Semasingha, President’s Senior Advisor on National Security and Chief of Staff Sagala Ratnayake, President’s Secretary Saman Ekanayake, Central Bank Governor Dr. Nandalal Weerasinghe, Chinese Ambassador Qi Zhenhong and representatives of Sinopec Oil Lanka Pvt. Ltd, Sinopec China Pvt Ltd and Sinopec Singapore Pvt Ltd were present on this occasion.

 Be the leader in presenting a 10-year development plan - The President tells the Colombo University Alumni