President’s Handling of Challenges Result in Country’s Stability After Two Years

Mr. Sagala Ratnayaka, Senior Advisor to the President on National Security and Chief of Presidential Staff, pointed out that under the guidance of President Ranil Wickremesinghe, the country has achieved economic stability in the last two years, despite the challenges faced.

He emphasized President Wickremesinghe’s effective political leadership, which has resulted in the economy stabilizing, and steps are being taken to strengthen the country for future challenges.

Mr. Sagala Ratnayaka was speaking at the inauguration ceremony of Litro Gas Company’s new gas filling station in Mabima, Kaduwela, yesterday (08). The station, set up with an investment exceeding Rs.01 billion.

Following President Ranil Wickremesinghe’s instructions to promote sustainable development and address public needs, Litro Company has built this gas filling station, incorporating modern technology. The company expects to increase gas cylinder capacity by 180,000 and aims to distribute 60,000 gas cylinders daily.

Addressing the audience, Mr. Sagala Ratnayaka further stated that;

Two years ago, the idea of Litro Company constructing a state-of-the-art facility seemed unbelievable. Litro faced challenges, such as gas cylinder explosions and long queues for fuel. At that time, our country was struggling with a shortage of foreign exchange and an unstable currency. It was a period of unprecedented challenges. However, under the competent leadership of President Ranil Wickremesinghe, assistance was received from international partners.

Initially, Litro was a burden on the government. President Wickremesinghe, upon taking office, reorganized the company’s management, leading to its current success. Thanks to Litro’s achievements, the company was able to repay a Rs.26 billion loan from the World Bank within six months. Additionally, last year, Litro contributed Rs.3 billion rupees to the government.

Today, people can get gas without waiting in long lines. We extend our sincere appreciation to the board of directors, employees, and distributors, especially Chairman Mr. Muditha Peiris, for guiding Litro Company through a difficult period.

The restructuring of state enterprises is crucial. Public entities often strain government resources. Litro Company, once a financial burden, has now become profitable. As a country, we need to accelerate progress. Economic downturn led to an increase in living expenses.

When we look at the current statistics, they show robust economic growth for our country. After two years of economic turmoil, the primary account balance has shifted to a surplus, and the rupee is appreciating rapidly. Stability prevails, with inflation under control. However, despite these positive signs, challenges remain.

To boost foreign exchange earnings, we need to enhance tourism initiatives. Transforming our ports into logistical hubs shows promise for economic growth. Further progress can be made by strengthening our manufacturing sector, exploring electricity exports, and developing agriculture, which offers numerous opportunities. Luckily, we have the necessary human resources to tackle these ventures.

Litro Company seems to be embracing modernization, setting a precedent for other institutions to follow suit. While government initiatives are important, collective support is crucial for success. Tough decisions were made to steer the country back on track, with everyone facing challenges along the way. The current favorable position of the country is a testament to facing issues head-on rather than avoiding them.

Any shortcomings must be addressed openly and corrected.

Chairman of Litro Company Mr. Muditha Peiris, the board of directors, employees, and other guests were in attendance at the event.