SL highlights economic recovery, resumed foreign projects

Colombo

Sri Lankan President Anura Kumara Dissanayake shared that his government's economic recovery has led to the restart of many foreign-funded projects, which had been halted due to the country's economic crisis. He explained that projects like the Colombo International Airport expansion, funded by Japan, and the central highway project, funded by China, had been paused because Sri Lanka couldn't repay the loans.

Dissanayake mentioned that 11 Japanese-funded projects were stopped, but during his visit to China, an agreement was made to resume 76 projects. He emphasized the economic stability achieved since his cabinet's formation in November. He also highlighted the improvement in the country’s currency, stating that the value of the US dollar, which was once near 400 rupees, is now around 300 rupees.

Dissanayake’s National People's Power (NPP), which won both presidential and parliamentary elections last year, is now preparing for local council elections on May 6. Despite his pre-election promise to renegotiate the International Monetary Fund's (IMF) tough reform plans, Dissanayake's government has continued with the economic reforms initiated by his predecessor, Ranil Wickremesinghe, in exchange for an IMF bailout.