Ranil Wickremesinghe Advocates for a US $1 Trillion Economy in Sri Lanka by 2055
Former President Ranil Wickremesinghe has urged Sri Lanka to aim for a US $1 trillion economy by 2055. He emphasized the need for a ten-fold economic growth and stronger ties with India’s economy, criticizing the government’s handling of renewable energy projects. Wickremesinghe stated the IMF program is crucial for restructuring national debt, warning of potential future hardships if not completed.
Former President Ranil Wickremesinghe has proposed that Sri Lanka aim for a remarkable milestone of achieving a US $1 trillion economy by the year 2055. In a recent television interview, he pointed out that the global power dynamic is shifting towards Asia, particularly centered around the Indian Ocean, suggesting that Sri Lanka should leverage this opportunity.
To realize this ambitious goal, Wickremesinghe emphasized that Sri Lanka must achieve a ten-fold increase in its economy over the next 30 years. He expressed optimism about this target, noting that it mirrors a similar economic objective set by India within the same timeframe.
The former President further highlighted the necessity for Sri Lanka to enhance its economic stability through integration and cooperation with India’s economy. During his term from 2022-2024, various avenues for economic collaboration with India were explored in areas such as renewable energy, agriculture, and regional connectivity.
Wickremesinghe also criticized the current government’s decision to halt the Adani Group’s renewable energy initiative in Mannar. He questioned the government’s rationale behind renegotiating an agreed-upon project with Indian investors, expressing concern that such actions could hinder future substantial investments in Sri Lanka.
When asked if the IMF program was the sole solution for Sri Lanka, Wickremesinghe noted that restructuring debts with international bondholders and bilateral creditors depends on receiving an IMF certification. He cautioned that unless the current program is adequately executed, the nation may face continued economic hardships in the future.
In summary, Ranil Wickremesinghe has advocated for Sri Lanka to target a US $1 trillion economy by 2055, highlighting the importance of integrating with India’s economy to achieve robust growth. He criticized the current government’s actions concerning renewable energy projects, expressing concern for future investments while emphasizing the crucial role of IMF certification in restructuring national debt. The path forward necessitates continuity in economic policies and strategic cooperation with regional partners to navigate the ongoing economic challenges.
Original Source: www.newswire.lk
