Former President Ranil Wickremesinghe has urged Sri Lanka to aim for a US $1 trillion economy by 2055. He stresses the need for ten-fold economic growth, integrating with India’s economy, and proceeding with agreements like the Adani Group’s renewable energy project. Additionally, he highlights the importance of an IMF program for debt restructuring amidst ongoing economic challenges.
Former President Ranil Wickremesinghe has proposed a goal for Sri Lanka to achieve a US $1 trillion economy by 2055. In a recent television interview, he pointed out a global shift towards Asia, particularly regarding the Indian Ocean, indicating the need for Sri Lanka to leverage this opportunity.
To reach this ambitious goal, the country must realize a ten-fold economic growth within the next 30 years, a target similar to that set by India. Wickremesinghe expressed confidence, suggesting that this growth is feasible with concerted effort and strategies.
He emphasized the importance of integrating with the Indian economy to move beyond Sri Lanka’s current fragile economic state. During his administration from 2022 to 2024, avenues for cooperation in areas such as renewable energy, agriculture, and connectivity with Southern India were explored.
Wickremesinghe critiqued the government’s inaction regarding the Adani Group’s renewable energy project in Mannar. He expressed concerns over the government’s renegotiation of this previously agreed-upon project, cautioning that such actions could hinder future large-scale investments.
On the topic of the IMF program, he noted that restructuring Sri Lanka’s debt with international bondholders and bilateral creditors was contingent on obtaining IMF certification. He acknowledged the ongoing economic challenges faced by citizens, stressing that the completion of the IMF program was crucial to avoid further hardships in the future.
Ranil Wickremesinghe’s call for a US $1 trillion economy by 2055 emphasizes the need for substantial growth and strategic economic integration. He advocates for collaboration with India and warns against renegotiating existing agreements that could deter investment. His statements underscore the importance of international cooperation and adherence to IMF guidelines to navigate the current economic challenges.
Original Source: www.newswire.lk
