Sri Lanka after facing its worst economic crisis is now on a recovery path and by 2027 Sri Lanka will have the ability to repay its loans, said the Minister of Education, Dr. Susil Premajayantha.
He was speaking at the “Uplifting Education Through Sustainable Mobility” program launched by Hutch Sri Lanka at the Taj Samudra Hotel on Thursday.
The program aims to donate 130 e-bikes to teachers in rural schools in partnership with the Ministry of Education.
The Minister said that a few years ago Sri Lanka had no foreign reserves to buy medicine, fuel, gas and other essentials which resulted in 12-hour power cuts, long queues for fuel and gas and the country was in utter chaos.
“However, today the Government with its focused program to rebuild the country has accumulated foreign reserves of nearly USD 5 billion,” he said. With the increase of tourism arrivals and the foreign exchange coming from remittances and increased FDI, Sri Lanka would be able to further increase reserves.
“With these foreign inflows, the Central Bank will be in a stronger position to release exchange for debt servicing by 2027.
“All import restrictions sans motor vehicles have now been lifted while the country’s economic ratings too have increased,” the Minister said. Premjayantha said laws will be amended within the next couple of months to attract more foreign investors.
CEO of Hutch Sri Lanka, Soumitra Gupta said, “We are dedicated to sustainable practices, improving community living standards and advancing technology. This project signifies our commitment to help the wider community, particularly in education.
“It’s only the beginning, we are gearing up for more contributions to sustainable mobility. With initiatives such as this, we strive for lasting impact, promoting inclusivity and sustainability,” he said.
This initiative showcases Hutch Sri Lanka’s aspirations which stretch beyond telecommunications and also underscores Hutch’s commitment to enhancing and uplifting education in Sri Lanka and supporting the Government’s vision in this regard.
