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

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Sri Lanka’s new president said Wednesday that his government is preparing a national policy roadmap for the next 25 years that 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, the Associated Press reported. President Ranil Wickremesinghe 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 Wickremesinghe’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 Wickremesinghe 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. Read more.
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