Sri Lanka, often hailed as the \"Pearl of the Indian Ocean,\" is navigating through an unprecedented economic crisis. The country's central bank has projected a 2 percent shrink in GDP this year, following a severe contraction of 7.8 percent in 2022. Amid these challenging times, President Ranil Wickremesinghe is taking decisive steps to stabilize the nation’s economy.
In a strategic move, President Wickremesinghe recently visited the Chinese mainland to attend the 3rd Belt and Road Forum for International Cooperation. This visit underscores Sri Lanka's commitment to leveraging international partnerships to rejuvenate its economy. During the forum, the president outlined his administration's efforts in debt restructuring and highlighted the critical role of the Belt and Road Initiative (BRI) in kick-starting economic growth.
Drawing parallels to historical agreements, President Wickremesinghe remarked that the spirit of the BRI is akin to the much-acclaimed Rubber-Rice Pact of 70 years ago, emphasizing long-term cooperation and mutual benefits. He expressed optimism that the initiatives discussed at the forum would pave the way for sustainable economic development in Sri Lanka.
Addressing concerns over the Hambantota Port and Western allegations of the Chinese mainland's \"debt-trap diplomacy,\" President Wickremesinghe firmly dismissed such claims. He stated, \"We are only acting in the interest of our country,\" reaffirming Sri Lanka's sovereignty and strategic autonomy in its international engagements.
As Sri Lanka continues to recover from past adversities like the 2004 tsunami and the 2019 terrorist bombings, the current economic crisis presents a formidable challenge. However, with proactive leadership and international collaborations, there is hope that the nation will regain its economic footing and continue its journey towards prosperity.
Reference(s):
cgtn.com
