• Says attempts to renegotiate should not be done recklessly
• Calls for committed investors to be protected

Referring to the ongoing discussions on renegotiating agreements with foreign investors, including those in the energy sector, former President Ranil Wickremesinghe warned that such actions could make investors perceive Sri Lanka as an unreliable country to invest in.

He warned that Sri Lanka must do its best to protect investments and should not undo agreements reached, since it paints Sri Lanka as an un-honourable party.  

Speaking at an event yesterday (25), he said that the Government should think of the country’s economy like a patient on life support. “Some of the wires that were keeping the patient alive have been removed, not all of them, but a few. But the patient is still in the Intensive Care Unit. That’s the reality. What we have done is establish stability. Nothing more. The patient hasn’t been discharged yet. The responsibility of discharging the patient lies with the Government. Now, the goal should be recovery, getting out of the ICU, moving to a regular ward, and then eventually regaining full strength,” he said.

To achieve that, he said that the Government led by him introduced five key laws including the Public Financial Management Act, No. 44 of 2024, the Public Debt Management Act, No. 33 of 2024, the Central Bank of Sri Lanka Act, No. 16 of 2023, the Economic Transformation Act No. 45 of 2024, the Anti-Corruption Act, No. 9 of 2023, and the amendments to the Proceeds of Crime Act 2002. 

“These laws provide a foundation to move forward. But for real economic progress and an increase in per capita income, we need economic growth. To achieve that, we need capital and technology, two things we currently don’t have enough of. That means we must bring them in from outside as investors, just like China, India, and Vietnam have done,” said the former President.

Emphasising that attracting investors is important to establish economic progress, he said that the Government needs to build trust to achieve that objective. “There’s talk about renegotiating all agreements related to the energy sector, reducing agreed prices, and making changes to existing deals. But if we do that recklessly, investors will see Sri Lanka as an unreliable country, and they won’t come. Right now, we have significant investment proposals which amount to about $ 2-3 billion, especially in energy. If these investors come in, there will be great progress.”

Wickremesinghe warned that the Government shouldn’t forget the fact that the country hasn't even started repaying debts yet; and that it will begin in 2028. “A few investors have come forward despite the challenges, and we must protect them at all costs. For large-scale projects, we have no choice but to bring in foreign investors. If we start making changes to agreements after they’ve been signed, it will create serious problems. Once a deal is made, we have to honour it. That’s why the Government must think carefully about its next steps,” he noted.