Make Sri Lanka a developed country by 2048, President says on Labours' Day

Colombo: President Ranil Wickremesinghe on Monday invited all Sri Lankan workers to participate in making the cash-strapped island nation a developed country by 2048 when it will celebrate the centenary of independence from Britain.

In a message to mark International Workers’ Day, he said it is important to recognise the significant role that the working people play in the economic progress of a country.

Wickremesinghe, also the country's finance minister, acknowledged that workers were a driving force behind Sri Lanka's overcoming of challenges and leading the nation forward throughout history.

"Last year, the country endured a severe economic collapse. The workers played a crucial role in patiently and courageously supporting the country as we waited to take the difficult initial steps in stabilising the economy. As we celebrate this year’s May Day, we should take the opportunity to show the world the pride of the workers of Sri Lanka," he said.

"We invite all the working people of Sri Lanka to join hands as we undertake a new reformist path of building a prosperous Sri Lanka by 2048. We congratulate them on this meaningful International Labour Day where their rights are secured." The president also said the working people were a social force that could exert a stronger influence on the entire economic process of the country, and the nation must continue to value and support their contributions.

"The government has always worked to secure the rights of the working public. By ensuring their rights and privileges, we hope to create a brighter future where the value of labour is recognised," the president said.

In April 2022, Sri Lanka declared its first-ever debt default in its history as the worst economic crisis since independence from Britain in 1948 triggered by forex shortages sparked public protests.

Months-long street protests led to the ouster of the then-president Gotabaya Rajapaksa in mid-July. Rajapaksa had started the IMF negotiations after refusing to tap the global lender for support.

In March this year, the International Monetary Fund (IMF) approved a USD 3 billion bailout programme to help Sri Lanka overcome its economic crisis and catalyse financial support from other development partners, a move welcomed by Colombo as a "historic milestone" in the critical period.

Wickremesinghe, in a recent address to Parliament, said that having obtained the USD 3 billion facility from the IMF, Sri Lanka is currently negotiating debt restructuring with bilateral and multilateral creditors.

Sri Lanka has introduced painful economic measures such as tax hikes and utility rate hikes to unlock the programme. Trade unions and opposition groups have organised protests against such measures.

The programme will allow Sri Lanka to access financing of up to USD 7 billion from the IMF, International Financial Institutions (IFIs), and multilateral organisations.