Sri Lankan President Ranil Wickremesinghe painted a picture of significant economic improvement since February 2023, touting a "world record" turnaround compared to the previous year.

Wickremesinghe's optimism stems from several key indicators. 

"Inflation, which stood at a daunting 50.6 per cent last year, has dramatically decreased to a mere 6.4 per cent today. The exchange rate has shown positive movement, with a dollar worth Rs. 362 in the past and now valued at Rs. 314. Despite a 3.7 per cent budget primary deficit in 2022, we achieved a significant turnaround in 2023, achieving a primary budget surplus. The interest rate, which was a high 28 per cent in 2023, has notably dropped to 12 per cent. The 52 main statutory bodies of the government, facing a loss of Rs. 745 billion  by the end of 2022, turned a profit of Rs. 313 billion by September 2023. It is noteworthy that these institutions are suffering from a huge debt burden," said the President.

"On April 12, 2022, Sri Lanka declared its inability to pay its debts, with foreign exchange reserves hitting zero. The current situation is vastly improved, with foreign exchange reserves standing at $4.4 billion by the end of December 2023. Our economy, initially plummeted with unprecedented speed, has undergone a remarkable turnaround at rocket speed, resembling a V-shaped recovery igniting hope. Achieving such remarkable feats in a brief span is truly a world record for our country, marking such kind of a record-breaking breakthrough," detailed the President.