The Minister of Labour and Foreign Employment, Manusha Nanayakkara, highlighted the significant progress made in the country’s foreign reserves under the leadership of President Ranil Wickremesinghe. Minister Nanayakkara emphasized that when the current government came into power, the foreign reserve was depleted, but it has since rebounded and reached an impressive USD 3.6 billion.
Minister Nanayakkara acknowledged the challenges faced by the government in making decisions that align with public sentiment. He stressed that prioritizing popular choices often resulted in setbacks for the nation. However, despite these difficulties, the government has successfully overcome obstacles and steered the country towards economic stability.
These remarks were made by the minister during the “Collective Path to a Stable Country” media briefing held at the Presidential Media Centre on December 22nd.
Minister Manusha Nanayakkara further commented on the expectations placed on politicians to make decisions that resonate with the public. He noted that there has been a pattern of groups, including their own, protesting against these popular decisions. Unfortunately, such approaches have led the country into economic turmoil.
Even the opposition has faced criticism for protesting against decisions aimed at national development, dismissing them as mere populism. It is crucial to recognize that such actions contribute to the country’s economic downfall.
When they assumed office, the country was in the midst of a severe economic crisis with no foreign reserves. Expatriate workers held more assets than the Central Bank’s dollar reserves. Despite these challenges, the government successfully increased foreign reserves to USD 3.6 billion, preventing a collapse due to a lack of dollars for imports.
Upon taking office, rampant money printing had caused inflation. The government addressed this issue and stabilized the exchange rate, reducing the value of the dollar.
