In a landmark discussion held this week in Colombo, Sagala Ratnayaka, the President’s Senior Advisor on National Security and the President’s Chief of Staff, unveiled a bold vision for the Indian Ocean region.
The event was attended by notable figures including President Ranil Wickremesinghe, former Speaker Karu Jayasuriya and high-ranking diplomats. The event highlighted Sri Lanka’s pivotal role in shaping the future of this strategically vital region.
Mr. Ratnayaka attended as the keynote speaker at the Geopolitical Cartographer discussion on the Indian Ocean and Indo-Pacific dimensions of recent high-level visits. He commenced the discussion by highlighting the profound transformation of the Indian Ocean from a mere maritime trade route to a global nexus encompassing security, economics, environmental concerns, social issues and strategic interests. He also emphasized the implementation of a robust reform program, which is poised to bring harmony to the Indian Ocean with its commitment to a free and open Indo-Pacific, while noting that the national interests of individual states significantly influence the international system.
He also underscored Sri Lanka’s unique position in the Indian Ocean region, highlighting the nation’s on-going economic recovery following the COVID-19 pandemic and the implementation of robust reform and revival programs. These initiatives have positioned Sri Lanka to play a crucial role in fostering harmony within the Indian Ocean.
One of Sri Lanka’s central policies in the region is the promotion of a free and open Indo-Pacific, encompassing maritime safety and security, protection of undersea cables, combating illegal fishing and trafficking, addressing human trafficking and tackling environmental issues, including disaster relief and maritime pollution. Mr. Ratnayaka drew attention to Sri Lanka’s responsibilities in Humanitarian Assistance and Disaster Relief (HADR) and stressed the importance of stability and growth through reform.
Mr. Ratnayaka acknowledged the importance of maintaining a stable and credible image, emphasizing that Sri Lanka’s reform processes and economic stabilization are crucial for attracting international support and cooperation. The domestic debt restructuring process in Sri Lanka is currently approaching its final stages, marking a significant milestone in the nation’s economic recovery efforts. This comprehensive restructuring initiative is designed to address and manage the country’s domestic debt obligations more effectively. One crucial step in this process involves the enactment of the Central Bank Act, a legislative framework that will provide the necessary regulatory framework and guidelines for managing domestic debt. Once this act is enacted, it will facilitate the completion of the domestic debt restructuring process. As part of this restructuring, Sri Lanka plans to convert existing treasury bills into bonds, a strategic move to better manage its debt portfolio and ensure long-term financial stability.