Former President Ranil Wickremesinghe has proposed that Sri Lanka aim for a US $1 trillion economy by 2055. He stressed the need for cooperation with India and criticized the government’s decision to renegotiate existing projects. Wickremesinghe also highlighted the importance of the IMF program for the country’s future economic stability.
Former President Ranil Wickremesinghe has advocated for Sri Lanka to set an ambitious goal of attaining a US $1 trillion economy by the year 2055. During a recent television interview, he noted the global shift in power towards Asia, particularly concerning the Indian Ocean, and emphasized the need for Sri Lanka to capitalize on this trend.
To realize this goal, President Wickremesinghe stated that Sri Lanka would have to achieve a ten-fold increase in its economy over the next three decades. He expressed optimism about this target, mentioning that similar aspirations have been set by India for the same timeframe.
He stressed the importance of integrating and cooperating with the Indian economy to move beyond the current fragile economic state. Wickremesinghe pointed out that between 2022 and 2024, his administration explored various pathways for economic cooperation with India, particularly in renewable energy, agriculture, and enhancing connectivity with Southern India.
In his critique of the current government’s inaction regarding the Adani Group’s renewable energy project in Mannar, he questioned the reasoning behind the National People’s Power (NPP) government’s decision to renegotiate this approved venture involving Indian investors and local stakeholders.
President Wickremesinghe cautioned that such actions could discourage large-scale investments in the future and urged the government to maintain the policies initiated during his presidency. Additionally, he addressed the International Monetary Fund (IMF) program, highlighting that successfully restructuring Sri Lanka’s debt with international bondholders and bilateral creditors depended on receiving IMF certification.
While acknowledging the ongoing distress faced by citizens due to the economic crisis, he warned that failure to complete the IMF program could lead to further hardships in the future.
In summary, Former President Ranil Wickremesinghe has outlined a bold vision for Sri Lanka to reach a US $1 trillion economy by 2055. He emphasizes the necessity of economic cooperation with India and points to the potential consequences of halting previously agreed projects, such as the Adani renewable energy initiative. His insights also highlight the critical role of the IMF in Sri Lanka’s economic recovery. Overall, his proposals urge a strategic approach towards economic development and international cooperation.
Original Source: www.newswire.lk
