President calls for updating legal system to drive economic transformation

President Ranil Wickremesinghe stressed the need to modernize the legal system to effectively implement the government’s program for fostering rapid economic growth in the country. He made these comments during a friendly gathering with lawyers in Kandy at the Mahaweli Reach Hotel on the 7th of this month.

Emphasizing the collaboration with the International Monetary Fund (IMF) as a crucial step in revitalizing Sri Lanka’s economy, President Wickremesinghe highlighted the importance of legalizing agreements with the IMF to ensure swift benefits for the people.

The President also shared plans to introduce a new legal framework focused on modernization across various sectors and sought the support of the legal community for these initiatives. He highlighted the significance of their involvement in advancing these efforts.

President Ranil Wickremesinghe addressed the gathering and emphasized the critical decision facing Sri Lanka regarding its program with the IMF. He stressed the importance of legalizing the agreement to realize its benefits for the people of Sri Lanka.

He also highlighted the importance of all citizens in making crucial decisions to address the economic challenges of the country, whether to continue with the current economic system or shift towards a competitive export-driven approach. President Wickremesinghe stressed the importance of strategic economic policies to avoid future economic crises.

President Ranil Wickremesinghe expressed confidence in revitalizing the country’s economy, citing the abundant resources available in Sri Lanka. He emphasized leveraging these strengths to transition towards an export-oriented economy and exploring new fields for growth.

He underlined the need for significant reforms in commercial practices, including updating laws and implementing modern legal frameworks accepted globally. President Wickremesinghe emphasized the importance of aligning with international standards for recognition and competitiveness.

President Wickremesinghe also emphasized developing a digital economy through comprehensive legislation and enacting new laws related to the environment, climate change, finance, and banking. These efforts are part of a broader plan to establish a new legal system in the country over the next decade.

He stressed the importance of amending existing laws and streamlining legal processes to attract investors and promote economic growth, highlighting the strategy to develop the Port City of Colombo into a financial zone.

President Wickremesinghe also mentioned initiatives for the Women Empowerment Act and Gender Equality Act to promote gender equality in society and attract investment. He urged forward-thinking decision-making from young lawyers for future generations’ benefit.

He stated that the present moment is Sri Lanka’s final opportunity for economic revitalization, urging a decisive choice between modernization and progress or risking falling behind.

President Wickremesinghe called for unity and collective efforts to prioritize Sri Lanka’s development above all else, emphasizing the need for finding solutions to advance the country’s progress.

Minister Manusha Nanayakkara, State Ministers Lohan Ratwatte, Anuradha Jayaratne, and Dilum Amunugama, along with Member of Parliament M. Velu Kumar and Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayaka, were present at the occasion.