Former President Ranil Wickremesinghe advocates for Sri Lanka to target a US $1 trillion economy by 2055, requiring substantial growth and integration with the Indian economy. He criticizes the government’s handling of the Adani Group project and underscores the necessity of the IMF program for successful debt restructuring, warning that failure to complete this could result in increased economic difficulties.
Former President Ranil Wickremesinghe has proposed that Sri Lanka aim for a substantial target of achieving a US $1 trillion economy by the year 2055. He articulated this vision during a recent television interview, emphasizing the shifting global power dynamics favoring Asia, particularly in the Indian Ocean region, necessitating Sri Lanka’s proactive stance to leverage these changes.
In his remarks regarding this ambitious economic target, Wickremesinghe noted that Sri Lanka must endeavor to attain a ten-fold growth over the next thirty years to fulfill this goal. He asserted that this is achievable, highlighting that India has set a similar objective for itself within the same timeframe.
Wickremesinghe further emphasized the urgency for Sri Lanka to prioritize integration and cooperation with the Indian economy to bolster its fragile economic state. He mentioned that during his administration from 2022 to 2024, significant efforts were made to cooperate with India, particularly in renewable energy, agriculture, and enhancing connectivity, especially with Southern India.
The former President criticized the current government’s hesitance to advance the Adani Group’s renewable energy project in Mannar. He questioned the rationale behind the new government’s attempts to renegotiate an already established agreement involving various stakeholders, including Indian investors, expressing concern that such actions could hinder future substantial investments.
Addressing the topic of the International Monetary Fund (IMF) program, Wickremesinghe indicated that the successful restructuring of Sri Lanka’s debt with international bondholders and bilateral creditors is contingent upon IMF certification. He acknowledged the ongoing economic hardships faced by citizens and warned that without completion of the IMF program, the country would face further difficulties.
In conclusion, former President Ranil Wickremesinghe’s call for Sri Lanka to pursue a US $1 trillion economy by 2055 underscores the need for strategic economic alignment with India and decisive actions on previous agreements, such as the Adani project. He emphasizes the importance of the IMF program for debt restructuring, highlighting that failure to comply could lead to further economic challenges for the nation. His vision reflects the potential for significant growth through international cooperation and strategic planning.
Original Source: www.newswire.lk
