Sri Lanka Podujana Peramuna (SLPP) MP Namal Rajapaksa stated in Parliament today (20) that the government must take radical steps regarding the economy if Sri Lanka is to become a developed country.
He acknowledged that the government is presenting very good concepts in the current budget, but pointed out challenges in implementing these ideas in practice.
Rajapaksa highlighted that the country had pledged during the election campaign to become a middle-income nation by 2030.
However, he noted that even if Sri Lanka achieves an economic growth rate of 5% over the next few years, it would still take another 27 years to reach middle-income status.
He added that achieving the goal of becoming a developed country by 2048, as stated by former President Ranil Wickremesinghe, would take two more years beyond that.
Rajapaksa emphasized that a significant change is needed to push the country forward at an economic growth rate of 7-8%, and the government must take bold steps to achieve this.
He also expressed that if the current government has a clear plan to generate revenue, the IMF can be engaged in radical measures without fear.
Furthermore, he noted that the government has a clear spending plan in place.
However, Rajapaksa cautioned that the government should be mindful of whether investors are willing to enter the country under the current tax policies.
He revealed that some investors who came to Sri Lanka in the past have left without making their investments.
He concluded by saying that the people brought the current government to power with the hope of correcting the mistakes made by previous governments and rebuilding the country.
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