{"id":229944,"date":"2022-11-14T20:36:46","date_gmt":"2022-11-14T15:06:46","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=229944"},"modified":"2022-11-14T20:37:10","modified_gmt":"2022-11-14T15:07:10","slug":"budget-2023-full-speech","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/budget-2023-full-speech\/","title":{"rendered":"Budget 2023: Full Speech"},"content":{"rendered":"

The Budget 2023 speech by the Finance Minister Ranil Wickremesinghe:<\/strong><\/p>\n

Honorable Speaker,\u00a0<\/span><\/p>\n

A glimmer of hope on emerging from the economic abyss is currently visible, as a result of the strenuous and difficult policies we have been compelled to adopt during the past few months. After the era of waiting in queues for days and various protests, our distress has been eased to some extent, reaching a sense of satisfaction.\u00a0<\/span><\/p>\n

\"\"<\/a>Negotiations with the International Monetary Fund (IMF) are currently in progress. We are in dialogue with India and China on debt restructuring, and confident that these discussions will lead to positive outcomes.\u00a0<\/span><\/p>\n

Inflation could be controlled to some extent due to the recent action in this regard. Similarly, the rupee is strengthening. We expect to sustain these developments. I am confident that by moving along the same path, we will be able to stabilize the economy within the next year.<\/p>\n

But we cannot be satisfied and therefore must start a new journey.<\/p>\n

Presenting the Interim Budget proposals last August, I stated that the purpose of these proposals is to lay the basic foundation for transforming the economy that has continued to exist in our country. On that occasion I proposed, that the process of building a new economy suitable for the modern world, would be initiated through the budget proposals of 2023.<\/p>\n

Seventy-five years after independence, can we be satisfied with the status quo? Where did we go wrong? How did we go wrong?<\/p>\n

I was born in independent Sri Lanka, one year after its independence. At that time, Japan had the most developed economy in Asia. It is well known that we were second. However today, the per capita income of Sri Lanka is USD 3,815, and Japan’s USD 39,285.<\/p>\n

I recollect another personal experience of mine. In 1991, when I was the Minister of Industry, my Vietnamese counterpart came to Sri Lanka. He wanted to study our open economic system and industrialization strategies, which was granted. He was given the opportunity to discuss with the officials of the Greater Colombo Economic Commission. In 1995, while Sri Lanka’s foreign reserves were USD 2.1 billion, Vietnam’s was USD 1.3 billion. The Minister of Vietnam further studied our related policies before the return to his country. What is the situation today? In 2021 Vietnam’s foreign reserves are USD 109.4 billion, and Sri Lanka’s USD 3.1 billion.<\/p>\n

Let’s look back. Let’s desist from politically tinted agendas. Why did we get it wrong? Where did we go wrong? What did we get wrong? Or, did we get anything\u00a0 <\/span>wrong?<\/p>\n

Full speech can be read here<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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