Sri Lanka President Ranil Wickremesinghe Terms 2023 바카라�Critical Year바카라� For Country바카라�s Economy

Sri Lanka was hit by an unprecedented financial crisis in 2022 due to a severe paucity in foreign exchange reserves that also sparked political turmoil in the island nation that led to the ouster of the all-powerful Rajapaksa family.

바카라�We are looking at the New Year 2023 after having undergone the bleakest of times, immense hardships, as well as the uncertainties and hopelessness of the last year,바카라� Wickremesinghe said in his New Year바카라�s message, as Sri Lanka turns 75 as an independent nation later this year.

바카라�I understand the great burdens that are placed on all of us and the setbacks that a majority of us have suffered due to the country바카라�s abject economic collapse,바카라� he said.

From April to July, chaos reigned supreme on Sri Lanka, with miles-long queues forming at fuel stations and irate residents coming out in thousands blocking roads with empty cooking gas cylinders.

The Sri Lankan government in May last year declared a debt default on over USD 51 billion in the foreign loan - a first in the country's history.

바카라�Indeed, 2023 will be a critical year in which we plan to turn around the economy. 2023 is also the 75th year of independence from the British Empire,바카라� he noted.

National Day, also known as Independence Day is celebrated on February 4 to commemorate the country바카라�s political independence from British rule in 1948.

The resignations by President Gotabaya Rajapaksa in July and his elder brother Prime Minister Mahinda Rajapaksa in May 2022 amid massive anti-government protests subsided with the formation of a government led by their ally Wickremesinghe, who is now tasked with stabilising the economy and restoring the financial health of the economy, already hit badly by the pandemic.

바카라�We must boldly implement the proposed social, economic and political reforms to build a prosperous and productive Sri Lanka in the coming decade,바카라� Wickremesinghe explained.

While explaining the roadmap ahead, the President assured that the worst in the country바카라�s financial crisis may be over.

바카라�Yet I believe that we have already gone through the worst of these times,바카라� he noted.

Wickremesinghe,73, thanked the citizens for their patience and courage as the government took the critical steps to stabilise the economy.

In August last year, Wickremesinghe said Sri Lanka's economic woes would last for another year and it will have to think outside the box and look at new sectors such as logistics and nuclear energy to revive the bankrupt economy.

The President also lamented that Sri Lanka was trailing behind some of the other countries that attained independence from Great Britain around the same time.

바카라�Looking back, it is obvious that we have not done as well as other ex-colonies. This is why the youth of our country are calling for a system change 바카라� especially at this juncture. This cannot be ignored,바카라� he added.

Last year, Sri Lanka and the IMF agreed on a staff-level agreement to release USD 2.9 billion over 4 years.

But the much-anticipated IMF bailout will have to wait as the country pursues talks with creditors to meet the global lender's condition for the facility.

President Wickremesinghe recently said that India and Sri Lanka held "successful" talks on debt restructuring and the country will also begin discussions with China, as it tries to get assurances from major bilateral creditors to close the crucial deal with the IMF.