The government has to balance policy-led growth and the very existence of the economically vulnerable people of the country through the welfare safety net, President Maithripala Sirisena said on Tuesday addressing the Sri Lanka Economic Summit 2016 at the Cinnamon Grand, Colombo.

“We have to pursue right economic policies over a considerable period of time to get over the economic malady accumulated in the past, but it has to be done without cutting down the public welfare component of the state expenditure,” the President said.

“The country owes Rs. 9000 billion. This has been a burden on the government as well as the people. We have taken measures towards fiscal consolidation to alleviate this crisis. We can’t adopt policies which have brought economic success to countries in this region because of the political culture that prevails here. We have to consider political and social realities arising from policy decisions, therefore, the government will go ahead with its economic revival programme without cutting back funds allocated for education, public health services, Samurdhi etc. We have to recognize that balancing political and economics dynamics will always be a decisive factor, the President said.