தவறவிடாதீர்கள்..!உடனே பதிவு செய்யுங்கள்

BY M.R.M.WASEEM

Former President Ranil Wickremesinghe warned that Sri Lanka faces severe future challenges if it fails to restructure its economy properly, especially as Asia prepares to become the global economic epicenter by 2050. He emphasized that the nation's survival hinges heavily on accelerated economic growth and strict debt management.

Wickremesinghe made these remarks during the "Read with Ranil" youth dialogue held at the Cimamon Grand Hotel in Colombo, an event organized by the "Smart UNP" wing of the National Youth Front.

"We faced a severe crisis in 2022, which we resolved and stabilized. Restoring law and order was fundamental to restarting national production and restructuring the economy," Wickremesinghe stated. "Yet, aside from calling me a dictator, everyone benefited from that stability. We must now pay back our debts. We have a grace period until 2028, but by 2030, we will need to repay between 5 to 6 billion USD fully. Borrowing more will only compound the crisis: the only true solution is rapid economic growth."

The former President expressed concern over Sri Lanka's shrinking per capita income compared to regional peers like Bangladesh and Vietnam, which are moving toward hyper-growth. He warned that a declining birth rate and a rapidly aging population would leave Sri Lanka with a dangerously small working base to support elderly dependents within 25 years. He also highlighted the impending disruptions of artificial intelligence and automation on the job market and stressed the importance of geopolitical alignments. "The IMF agreement alone is insufficient. Maintaining robust diplomatic and economic ties with India, the World Bank, the Asian Development Bank, and the United States is vital for our existence. Sri Lanka must leverage its strategic geographical position to integrate into the emerging economic corridors of the Bay of Bengal," Wickremesinghe concluded.