President advocates legalising reforms in IMF framework

by Sanath Nanayakkare

President Ranil Wickremesinghe has stressed on the importance of legalising the economic, social and governance agreements Sri Lanka has entered into with the IMF.

He has said so addressing a group of lawyers at the Mahaweli Reach Hotel in Kandy on April 7.

He has pointed out that such a move would pave the way for all the people of the country to benefit from the ongoing IMF programme as it contains critical economic reforms, vital social inclusion measures and governance diagnostics which would help attract substantial external support for Sri Lanka.

“While we are pursuing the IMF programme to achieve fiscal consolidation, we need to moderrnise the legal system to effectively implement the government’s programme aimed at fostering rapid economic growth in the country,” he has said.

Addressing the lawyers, he has sought their support for these initiatives, emphasising the significance of their involvement in advancing these efforts.

” There are two options for us. Are we going to continue with the current economic system or are we going to bolster the country’s economy by prioritising a competitive export-driven approach? What should we do to avoid an economic crisis in the future? What strategic economic policies and initiatives should we follow in the long term to achieve resilience and sustainability in our economic system?”

“Sri Lankan entrepreneurs are doing well in tea and apparel sectors and we need to replicate that success in new sectors. For this, we need significant reforms in our commercial laws, including the updating of outdated laws and the implementation of modern legal frameworks accepted globally.”

“It is important to enact new environmental laws and climate change laws, along with new financial and commercial laws. Efforts are underway to draft new banking laws. These initiatives are part of a broader plan to establish a new legal system within the country over the next decade for long-term development in Sri Lanka.”

“The envisaged Women Empowerment Act and Gender Equality Act will empower Sri Lankan women to become dynamic stakeholders of the society and economy. These legislative efforts are envisioned to create a proper legal environment for economic growth and social advancement.”

“I will be presenting the relevant bills to parliament for debate in a couple of months to achieve these goals, whose implementation will lead to desirable outcomes for the people in the next two decades. I myself and some others here may not live to see the fruition of such initiatives, therefore, I urge young lawyers to take the lead in pushing forward the legal reforms necessary to realise the full potential of Sri Lanka,” the President has said.