Sri Lanka Leader Propose 25-Year Plan for Crisis-Hit Nation

4 August 2022 00:44

Sri Lanka's new President said on Wednesday that, his government is preparing a national policy roadmap for the next 25 years, aims to cut public debt, and turn the country into a competitive export economy, as it seeks a way out of its worst economic disaster.

President Ranil Wickreme Singhe in his speech to parliament said, Sri Lanka needs long-term solutions, and a strong foundation to stop a recurrence of economic crises.

Massive public protests have blamed Wickreme Singhe's ousted predecessor, Gotabaya Rajapakasa, and his powerful family for years of mismanagement and corruption, that have bankrupt the nation, and led to unprecedented shortages of essential imports like fuel, medicine, and cooking gas.

But many are still skeptical of Wickreme Singhe, and accuse him of trying to protect the former leader, and his relatives.

Sri Lanka announced in April that it is suspending repayment of foreign loans. Its total foreign debt is $51 billion, of which it must pay $28 billion by 2027.