Sri Lankan president announces economic outline

ANKARA

Sri Lanka’s newly elected President Anura Kumara Dissanayake on Wednesday unfolded his government’s economic outline amid plans to immediately begin negotiations with the IMF and proceed with activities related to the extended credit facility.

In his inaugural address to the nation, Dissanayake, who was elected as the Island country's ninth executive president in Saturday's crucial election, said his government is also negotiating with "relevant" creditors to expedite the process and secure necessary debt relief.

Colombo has to pay $46 billion foreign debt, with installments yet to resume since the country’s 2022 default.

"The change we seek involves many steps that will take time. However, achieving stability and confidence in the current economy is crucial," he added.

Defending his decision to dissolve the parliament days after his election, the Marxist-leaning leader said the parliament did not represent the will of the people.

Dissanayake dissolved the 225-seated parliament late Tuesday and called for general elections on Nov. 14.

The outgoing parliament was elected in 2020.

He said his government will not hesitate to implement the necessary constitutional, economic, and political reforms.