Addressing the 2022 Sri Lanka Economic Summit by the President
“Steps would be taken to introduce a strong new economic system that can face 2050 without implementing economic reforms that offer no solutions to the current economic crisis,” said President Ranil Wickremesinghe at a special meeting held at the Shangri-La Hotel, Colombo on 05th of December.
Pointing out that the country’s economy cannot be recovered through outdated economic systems, the President said that the first, second, and third thing needed to build the Sri Lankan economy is foreign exchange.
The President also pointed out that in order to recover from the economic crisis Sri Lanka is currently facing, the debt must be restructured and a correct economic system should be introduced.
The President’s Media Division said that the President made these remarks while inaugurating Sri Lanka’s premier and most anticipated annual economic event, the Sri Lanka Economic Summit 2022, on December 05 at the Shangri-La Hotel, Colombo under the theme ‘From Turbulence to Opportunity’.
The President stated that he is confident that he will be able to get the support of the International Monetary Fund to recover from the current situation and said that the government has reached a staff-level agreement with the International Monetary Fund.
“Rs. 300 billion will be spent on the power sector alone next year, and alternatives should be sought to cover that cost,” said President
He also said that measures should be taken to introduce new alternative energies to the power sector, and the government is ready for that and plans to focus on green hydrogen energy instead of renewable energy.
Regional Vice President of the World Bank for South Asia, Mr. Martin Raiser, Chairman Ceylon Chamber of Commerce Vish Govindasamy, Parameswaran Iyer, CEO of NITI Aayog India also spoke on this occasion.
