October 18, Colombo (LNW): Former President and United National Party (UNP) leader Ranil Wickremesinghe underscored the importance of having an experienced team in Parliament to steer Sri Lanka through its ongoing economic challenges. Speaking about his past efforts with the last Parliament to prevent the country from plunging into bankruptcy, Wickremesinghe highlighted the need to focus on the implementation of the sustainability agreement, which could see key amendments proposed by the current President.
Wickremesinghe emphasized that Parliament holds the authority to execute these amendments and that it is the responsibility of the next Parliament to ensure the successful implementation of these crucial measures. He outlined several key economic targets for the country, including:
- Debt Repayment: Sri Lanka must begin repaying its debts starting in 2028.
- Government Revenue: By 2027, government revenue should reach 15% of the Gross Domestic Product (GDP), up from the current 12%, requiring an annual growth of 1%.
- GDP Recovery: The country’s GDP should recover to 2019 levels by the end of this year.
- Foreign Reserves: Foreign reserves should be increased to a range of $12-14 billion.
Wickremesinghe also emphasized the need for rapid development and the implementation of anti-corruption measures, reiterating that Parliament is responsible for achieving these goals. With no single party likely to secure a majority in the upcoming elections, he stressed the importance of learning from the previous Parliament, where no one took ownership of critical responsibilities.
He recalled how he had to unite members from various parties, including the Sri Lanka Podujana Peramuna (SLPP), the Sri Lanka Freedom Party (SLFP), and the UNP, to form a government and work toward stabilizing the country’s economy. Wickremesinghe urged that such a situation should not be allowed to recur in the new Parliament, calling for stronger leadership and collaboration to avoid future crises.
