Sri Lanka President Ranil Wickremesinghe stresses old economic model can no longer be used

Sri Lankan President Ranil Wickremesinghe asserted that they need to focus on global challenges through innovative thinking. He stated that they cannot "go back" to the old economic model and insisted that they were paying the price as they did not "keep up with globalization", Daily News reported. Wickremesinghe made the remarks at the professional forum to launch the Advocata Institute’s research report on Sri Lanka’s economic reforms. 

In his address, Ranil Wickremesinghe underscored that Sri Lanka's agreements with the IMF are the only "way out." Sri Lankan President Wickremesinghe stressed that people have spoken about other measures that can be taken. However, he added these measures have not been able to yield the result. He highlighted that they need to have staff level agreement with the IMF. He called on all the parties to "abide" by the agreement and stressed that if any member of the party or parliament has an issue with the agreement, they need to present their alternative. 

Ranil Wickremesinghe said that the medicine for recovery is bitter and called the first six months "difficult", as per the Daily News report. He emphasized that it will be the time that they have not witnessed before and highlighted that they need to go through it. Wickremesinghe called for developing a "competitive economy" with high production capacity and wages. The Sri Lankan President further stated that they need to build trade ties with Asian nations with large and global markets. He added that they need to focus on issues like modernization of the agriculture and fisheries sector, addressing problems faced by women, poverty in rural areas, and tackling climate changes. 

Sri Lankan President creating national policy roadmap for 25 years

Earlier on 3 August, Sri Lankan President Ranil Wickremesinghe said that his government is developing a national policy roadmap for the next 25 years, according to AP. In his address at the parliament, Wickremesinghe said that the plan is aimed to cut public debt and make the country a competitive export economy. Wickremesinghe stressed that Sri Lanka requires a long-term solution to stop the recurrence of the economic crisis, as per the AP report. He said that his government has started negotiations with the IMF on a four-year rescue plan. It is worth mentioning that Sri Lanka has been facing the worst economic crisis which has led to a shortage of food, fuel, and other essential services. Some people have blamed the Rajapaksa government for mismanaging their nation's economy.

Inputs from AP

Image: AP