Dec 06, Colombo: President Ranil Wickremesinghe has said that 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.

Pointing out that the country’s economy cannot be recovered through outdated economic systems, the President said that the first, second and third thing needed to build the Sri Lankan economy is foreign exchange.

President’s Media Division said he made these remarks while inaugurating the Sri Lanka Economic Summit 2022, the foremost and most anticipated annual economic event in Sri Lanka, under the theme ‘Resetting from Turmoil to Opportunity’ at the Shangri-La Hotel, Colombo yesterday (05).

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.

Accordingly, President Wickremesinghe also expressed confidence that it will be possible to get the assistance from the International Monetary Fund to overcome this situation and he said that the government has reached a staff level agreement with the IMF.

President Ranil Wickremesinghe said that Rs. 300 billion will be spent on the power sector alone next year, and that alternatives should be sought to cover that cost.

The President 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.

MP Eran Wickramaratne, MP Harsha De Silva and the Central Bank Governor Dr. Nandalal Weerasinghe were also present at this occasion.