Sri Lanka’s independent yet multi-aligned foreign policy has helped it to navigate the difficult challenges faced due to its economic crisis and obtain the support of the larger international community, Minister of Foreign Affairs Ali Sabry said.
He made the statement while addressing the prestigious Cambridge Union in England on Tuesday (Jan 23).
The Cambridge Union, founded in 1815, is the world’s oldest debating society and has been historically known for hosting influential speakers and fostering intellectual discourse.
Sharing his insights on Sri Lanka’s road to economic recovery, Minister Sabry said that 18 months after the current government took power, Sri Lanka’s inflation, which was 70% in September 2022, has come down to less than 5% in August 2023.
“The rupee had stabilised and, in fact, appreciated by about 15% from its peak against the US dollar. Remittances have seen a 60% annual growth in 2023. Tourism has in fact, seen an annual growth of 106% in the year 2023; usable forex reserves, which were at 20 million US dollars in April 2022, have gone up to 4.5 billion US dollars in January 2024,” he said.
Minister Sabry further said that Sri Lanka is not out of the woods yet, but Sri Lankans have shown tremendous resilience in weathering this very challenging period.
“If we successfully resist divisive policies and embrace the unity within our diversity, if we continue these difficult yet prudent economic policy reforms, and if we maintain policy consistency across government and political party lines, I honestly believe Sri Lanka is within touching distance of achieving its true potential,” he added.
The full speech of Foreign Minister Ali Sabry at the Cambridge Union;
