The True National Asset: The Youth, Not Failing State Enterprises

• Restructuring Inefficient Public Enterprises Will Reallocate Savings to Enhance Education and Health Services – Says President inaugurating the newly constructed Faculty of Allied Health Sciences at the Ruhuna University.

President Ranil Wickremesinghe stated that restructuring loss-making public institutions will enable the government to allocate more resources to education and healthcare in the future. He emphasized that the country’s true wealth lies in its youth, not in struggling state enterprises. The President noted that many state enterprises are now operating without burdening the government, and he expects that the financial obligations related to SriLankan Airlines will be resolved by the end of the year.

President Wickremesinghe made these remarks during the ceremony to hand over the newly built Faculty of Allied Health Sciences at the Ruhuna University, located in Walahanduwa, Galle, today (19). At the event, the President unveiled a plaque and formally transferred the college building to the students. He also took time for a tour and engaged in friendly discussion with the university staff. Additionally, Vice-Chancellor of the Ruhuna University, Mr. Sujeeva Amarasena, presented a commemorative plaque to President Wickremesinghe.

Marking the occasion, the President also planted a sapling in the Faculty of Science grounds and took a group photo with the university staff.

Addressing the ceremony, President Ranil Wickremesinghe further said;

“Minister Ramesh Pathirana dedicated himself to the establishment of this Faculty of Allied Health Sciences. I urge everyone to fully utilize this facility. Major universities in countries like the United States benefit from such buildings 24/7. When government funds are allocated for education, we must maximize their use. Disrupting classes will harm both you and the country.

It was noted that Rs. 700 billion was spent on SriLankan Airlines and other corporations, but this needs to be managed correctly. These funds should have yielded a tenfold return. Instead, this massive expenditure led to loans under three different governments, increasing our national debt.
When the country’s economy collapsed, our first step was to stop borrowing, which was a difficult but necessary task. We had to find new sources of revenue and we informed every government agency that they must cover their own expenses.

This situation impacted every sector, and I faced severe criticism. I had to choose between letting the economy collapse or enduring the backlash. Despite the criticism, we remained committed to our responsibility, with all ministers rendering their support.

At that time, some people opposed the state enterprise restructuring program. Today, electricity and fuel prices are aligned with global prices, and we no longer subsidize them. Additionally, we have stopped providing funds to other corporations, with the only remaining financial obligation being SriLankan Airlines, which we expect to resolve by the end of this year. This will allow the country to redirect funds to education and health services in the coming years.

When these measures were introduced, they faced significant criticism. I posed a critical question: Is our national wealth found in failing corporations or in our youth? We must choose between sustaining loss-making corporations and investing in education and health. I invite everyone to help move the country forward by supporting a new economic transformation over the next two to three years with these new initiatives.”

Minister of Health and Industries Dr. Ramesh Pathirana:

“The people of Galle thank the President for taking the time, amidst his busy schedule, to inaugurate this university building, which is crucial for the future of our country’s children. I am pleased to have completed such an important project during a critical period.

Thanks to President Ranil Wickremesinghe’s sound economic policies, the Galle district has received several significant projects. In the 2024 budget, he allocated substantial funds for health and education, which is a positive step for the future of our children. This new college, inaugurated today, is a source of pride for the Southern Province.”

Chairman of the University Grants Commission Senior Professor Sampath Amaratunge;

“I thank the President for participating in this event. The non-academic staff who have been on strike for 75 days will report back for duty from next Monday. The President intervened to provide a solution to their salary disparity. The President should be thanked for that. The Treasury has allocated Rs. 4.2 billion to pay their arrears. I believe that if we can take our country to a state where there are no strikes, that is the development of the country.”

The Chancellor of the Ruhunu University Ven. Akuratiye Nanda Nayaka Thera, the Maha Sangha and other religious clergy, Southern Province Governor Lakshman Yapa Abeywardena, Members of Parliament Mr. Wajira Abeywardana, Sampath Athukorala and a group of former vice chancellors, deans, academic staff, students and others were present on this occasion.