Former President Ranil Wickremesinghe has proposed that Sri Lanka aspire to become a US $1 trillion economy by 2055, advocating for significant economic growth and collaboration with India. He criticized the government for delaying renewable energy projects and warned against potential impediments to foreign investment. Wickremesinghe highlighted the reliance on the IMF for effective debt restructuring to mitigate ongoing economic hardships.
Former President Ranil Wickremesinghe has urged Sri Lanka to aim for a US $1 trillion economy by 2055. During a recent television interview, he noted the global shift towards Asia and emphasized the significance of the Indian Ocean, suggesting that Sri Lanka should seize this opportunity for growth.
Achieving this ambitious economic target would require a ten-fold increase over the next three decades; however, Wickremesinghe expressed confidence since India has set a similar target. He asserted that collaboration with the Indian economy is vital for moving beyond Sri Lanka’s current economic fragility.
During his tenure from 2022 to 2024, the former President stated that various economic cooperation avenues were explored with India, particularly in renewable energy, agriculture, and regional connectivity. He criticized the current government’s delay in advancing the Adani Group’s renewable energy project in Mannar, questioning the rationale behind renegotiations of an already established agreement.
Wickremesinghe cautioned that such actions could hinder future investments and urged the current government to uphold the policies initiated during his administration. Addressing concerns about the International Monetary Fund (IMF) program, he indicated that restructuring debt with international bondholders depends on an IMF certification, warning that without completing the program, the citizens would face additional hardships.
In conclusion, former President Ranil Wickremesinghe presented a bold vision for Sri Lanka to transition into a US $1 trillion economy by 2055. He underscored the importance of integrating with India’s economy and criticized current governmental decisions that may impede progress. Furthermore, he highlighted the necessity of pursuing an IMF program to avoid future economic difficulties, emphasizing that effective policy implementation is crucial for achieving sustained growth.
Original Source: www.newswire.lk
